Bowhead Specialty Holdings Inc. $BOW Shares Acquired by Voleon Capital Management LP

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 boosted its stake in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,247 shares of the company's stock after purchasing an additional 39,704 shares during the period. Voleon Capital Management LP owned approximately 0.59% of Bowhead Specialty worth $7,855,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in Bowhead Specialty by 33.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 121,705 shares of the company's stock valued at $4,947,000 after purchasing an additional 30,440 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Bowhead Specialty in the 1st quarter valued at $206,000. Millennium Management LLC increased its holdings in Bowhead Specialty by 75.8% in the 1st quarter. Millennium Management LLC now owns 250,277 shares of the company's stock valued at $10,174,000 after purchasing an additional 107,896 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bowhead Specialty by 42.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,389 shares of the company's stock valued at $382,000 after purchasing an additional 2,802 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Bowhead Specialty by 21.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 106,043 shares of the company's stock valued at $4,311,000 after purchasing an additional 18,989 shares in the last quarter.

Insider Activity at Bowhead Specialty

In other Bowhead Specialty news, Director Matthew Botein sold 2,000,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $30.66, for a total value of $61,320,000.00. Following the sale, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of the firm's stock in a transaction that occurred on 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 sale, the director owned 8,968,445 shares in the company, valued at $274,972,523.70. The trade was a 18.23% decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Zacks Research raised shares of Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Bowhead Specialty in a research report on Friday, August 8th. They issued a "buy" rating for the company. Morgan Stanley decreased their price objective on shares of Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Bowhead Specialty currently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

Bowhead Specialty Trading Down 2.6%

NYSE BOW traded down $0.75 during trading hours on Friday, reaching $28.15. The company's stock had a trading volume of 268,590 shares, compared to its average volume of 303,366. The business has a 50-day simple moving average of $31.93 and a 200 day simple moving average of $35.70. Bowhead Specialty Holdings Inc. has a 52 week low of $27.07 and a 52 week high of $42.29. The stock has a market cap of $922.71 million, a PE ratio of 19.15 and a beta of -0.71.

Bowhead Specialty (NYSE:BOW - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.01. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. The firm had revenue of $232.36 million for the quarter, compared to analysts' expectations of $134.66 million. As a group, equities analysts predict 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.