Renaissance Technologies LLC Has $1.20 Million Holdings in Bowhead Specialty Holdings Inc. $BOW

Key Points

• Renaissance Technologies cut its Bowhead Specialty stake by 77.3% in the first quarter, selling 181,700 shares and retaining 53,400 shares valued at approximately $1.20 million.
• Other institutional investors increased their positions, including Dimensional Fund Advisors, which raised its stake by 61.3%, and First Trust Advisors, which boosted its holdings by 374%.
• Bowhead Specialty exceeded quarterly earnings expectations with EPS of $0.48 versus a $0.47 consensus estimate. However, analysts maintain a consensus “Hold” rating with a $33 price target, below the reported $33.51 share price.

Renaissance Technologies LLC lessened its position in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 77.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,400 shares of the company's stock after selling 181,700 shares during the period. Renaissance Technologies LLC owned approximately 0.16% of Bowhead Specialty worth $1,198,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Bowhead Specialty by 61.3% in the first quarter. Dimensional Fund Advisors LP now owns 256,645 shares of the company's stock valued at $5,756,000 after buying an additional 97,494 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Bowhead Specialty by 374.0% in the first quarter. First Trust Advisors LP now owns 172,305 shares of the company's stock valued at $3,865,000 after buying an additional 135,954 shares during the period. Bleakley Financial Group LLC acquired a new stake in Bowhead Specialty during the fourth quarter worth approximately $1,086,000. FJ Capital Management LLC acquired a new stake in Bowhead Specialty during the fourth quarter worth approximately $1,122,000. Finally, Knights of Columbus Asset Advisors LLC increased its stake in Bowhead Specialty by 40.2% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 69,813 shares of the company's stock worth $1,992,000 after acquiring an additional 20,032 shares during the period.

Bowhead Specialty Price Performance

Shares of NYSE:BOW opened at $33.51 on Friday. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 1.00 and a beta of -0.11. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a 50 day simple moving average of $30.30 and a 200 day simple moving average of $26.63. Bowhead Specialty Holdings Inc. has a one year low of $21.21 and a one year high of $35.07.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.01. The firm had revenue of $163.86 million for the quarter, compared to analysts' expectations of $278.69 million. Bowhead Specialty had a net margin of 10.11% and a return on equity of 14.05%. Research analysts predict that Bowhead Specialty Holdings Inc. will post 1.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BOW. Deutsche Bank Aktiengesellschaft cut Bowhead Specialty from a "buy" rating to a "hold" rating and set a $34.00 price objective for the company. in a report on Monday, August 3rd. JPMorgan Chase & Co. increased their target price on Bowhead Specialty from $30.00 to $33.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Royal Bank Of Canada cut Bowhead Specialty from an "outperform" rating to a "sector perform" rating and decreased their price target for the stock from $38.00 to $34.00 in a research report on Tuesday, August 4th. Morgan Stanley boosted their price target on Bowhead Specialty from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Finally, UBS Group set a $28.00 price objective on shares of Bowhead Specialty in a research report on Thursday, May 21st. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Bowhead Specialty presently has a consensus rating of "Hold" and a consensus price target of $33.00.

Bowhead Specialty Company Profile

Bowhead Specialty Holdings Inc provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments.

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