Triasima Portfolio Management inc. Purchases 61,845 Shares of Bowhead Specialty Holdings Inc. $BOW

Key Points

• Triasima Portfolio Management Inc. significantly increased its stake in Bowhead Specialty Holdings Inc. to 81,720 shares, marking a 311.2% increase after acquiring an additional 61,845 shares during the second quarter.
• Directors Gallatin Point Capital LLC and Matthew Botein each sold 2 million shares of Bowhead Specialty on August 8th for approximately $61.32 million, resulting in an 18.23% decrease in their ownership.
• Despite mixed ratings from analysts, Bowhead Specialty holds a consensus rating of "Moderate Buy" with an average price target of $36.00, as five analysts have rated the stock as a Buy.

Triasima Portfolio Management inc. increased its position in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 311.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,720 shares of the company's stock after buying an additional 61,845 shares during the period. Triasima Portfolio Management inc. owned 0.25% of Bowhead Specialty worth $3,067,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BOW. SBI Securities Co. Ltd. bought a new stake in Bowhead Specialty in the 1st quarter valued at $44,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Bowhead Specialty by 17.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,400 shares of the company's stock valued at $301,000 after purchasing an additional 1,100 shares during the period. Jump Financial LLC boosted its holdings in Bowhead Specialty by 17.1% in the 1st quarter. Jump Financial LLC now owns 9,050 shares of the company's stock valued at $368,000 after purchasing an additional 1,322 shares during the period. Nemes Rush Group LLC bought a new stake in Bowhead Specialty in the 1st quarter valued at $61,000. Finally, SG Americas Securities LLC boosted its holdings in Bowhead Specialty by 19.9% in the 1st quarter. SG Americas Securities LLC now owns 11,612 shares of the company's stock valued at $472,000 after purchasing an additional 1,931 shares during the period.

Insider Activity

In related news, Director Gallatin Point Capital Llc sold 2,000,000 shares of Bowhead Specialty stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the completion of the transaction, the director directly owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. This trade represents a 18.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Botein sold 2,000,000 shares of Bowhead Specialty stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the transaction, the director directly owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BOW. Weiss Ratings reissued a "hold (c)" rating on shares of Bowhead Specialty in a report on Saturday, September 27th. Morgan Stanley reduced their price target on shares of Bowhead Specialty from $34.00 to $31.00 and set an "equal weight" rating for the company in a report on Tuesday. Zacks Research raised shares of Bowhead Specialty from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Keefe, Bruyette & Woods reduced their price target on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Bowhead Specialty in a report on Friday, August 8th. They set a "buy" rating for the company. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.00.

Bowhead Specialty Stock Performance

NYSE:BOW opened at $25.99 on Wednesday. The company has a 50-day moving average of $29.65 and a 200-day moving average of $34.75. The company has a market capitalization of $851.95 million, a price-to-earnings ratio of 17.68 and a beta of -0.88. Bowhead Specialty Holdings Inc. has a 52 week low of $23.70 and a 52 week high of $42.29.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. The company had revenue of $232.36 million during the quarter, compared to the consensus estimate of $134.66 million. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. Sell-side analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

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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