Voleon Capital Management LP Acquires 39,704 Shares of Bowhead Specialty Holdings Inc. $BOW

Key Points

• Voleon Capital Management LP increased its holdings in Bowhead Specialty Holdings Inc. by 25.9%, acquiring a total of 193,247 shares worth approximately $7.86 million as of the latest reporting period.
• Several institutional investors, including SBI Securities and Royal Bank of Canada, have also increased their stakes in Bowhead Specialty, indicating growing confidence in the company's performance.
• Analysts have mixed ratings on Bowhead Specialty, with a consensus rating of "Moderate Buy" and an average price target of $38.33, despite recent price cuts from notable firms like Morgan Stanley.

Voleon Capital Management LP raised its position in shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 25.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 193,247 shares of the company's stock after purchasing an additional 39,704 shares during the quarter. Voleon Capital Management LP owned about 0.59% of Bowhead Specialty worth $7,855,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Bowhead Specialty during the first quarter worth $44,000. Nemes Rush Group LLC purchased a new stake in shares of Bowhead Specialty during the first quarter worth $61,000. GAMMA Investing LLC raised its holdings in shares of Bowhead Specialty by 7,651.2% during the first quarter. GAMMA Investing LLC now owns 3,333 shares of the company's stock worth $135,000 after acquiring an additional 3,290 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Bowhead Specialty during the first quarter worth $206,000. Finally, Royal Bank of Canada raised its holdings in shares of Bowhead Specialty by 112.7% during the first quarter. Royal Bank of Canada now owns 5,406 shares of the company's stock worth $219,000 after acquiring an additional 2,864 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BOW shares. Zacks Research upgraded Bowhead Specialty from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Morgan Stanley cut their price objective on Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a report on Monday, August 18th. Keefe, Bruyette & Woods cut their price objective on 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 assumed coverage on shares of Bowhead Specialty in a research report on Friday, August 8th. They set a "buy" rating on the stock. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Bowhead Specialty presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Bowhead Specialty Stock Performance

Shares of NYSE:BOW traded down $0.75 during midday trading on Friday, hitting $28.15. The company's stock had a trading volume of 268,590 shares, compared to its average volume of 303,366. The stock has a market capitalization of $922.71 million, a price-to-earnings ratio of 19.15 and a beta of -0.71. The stock's 50 day simple moving average is $31.93 and its 200 day simple moving average is $35.71. Bowhead Specialty Holdings Inc. has a fifty-two week low of $27.07 and a fifty-two week high of $42.29.

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

Insider Transactions at Bowhead Specialty

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

Bowhead Specialty 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.