Bowhead Specialty Holdings Inc. (NYSE:BOW) Director Sells $61,320,000.00 in Stock

Key Points

• Director Matthew Botein sold 2,000,000 shares of Bowhead Specialty Holdings Inc. at an average price of $30.66, totaling $61.32 million, representing an 18.23% decrease in his holdings.
• Bowhead Specialty reported $0.37 earnings per share for the last quarter, beating estimates by $0.01, with revenues of $232.36 million, significantly above analyst projections.
• Several brokerages have raised their price targets for Bowhead Specialty, with Morgan Stanley increasing theirs from $36 to $39, while JMP Securities and Keefe, Bruyette & Woods set targets of $40 and $45 respectively.

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) Director Matthew Botein sold 2,000,000 shares of the business's 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Bowhead Specialty Stock Up 1.1%

Shares of BOW stock traded up $0.34 during trading hours on Wednesday, hitting $31.83. 27,874 shares of the company's stock were exchanged, compared to its average volume of 237,159. The firm has a market cap of $1.04 billion, a P/E ratio of 21.61 and a beta of -0.69. The firm has a 50 day moving average of $34.46 and a two-hundred day moving average of $36.01. Bowhead Specialty Holdings Inc. has a fifty-two week low of $26.56 and a fifty-two week high of $42.29.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in Bowhead Specialty in the 1st quarter valued at $44,000. Summit Investment Advisors Inc. raised its stake in Bowhead Specialty by 66.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company's stock valued at $43,000 after purchasing an additional 486 shares during the last quarter. Nemes Rush Group LLC acquired a new position in Bowhead Specialty in the 1st quarter valued at $61,000. KLP Kapitalforvaltning AS acquired a new position in Bowhead Specialty in the 4th quarter valued at $107,000. Finally, GAMMA Investing LLC raised its stake in Bowhead Specialty by 7,651.2% in the 1st quarter. GAMMA Investing LLC now owns 3,333 shares of the company's stock valued at $135,000 after purchasing an additional 3,290 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their price target on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on Bowhead Specialty in a report on Friday, August 8th. They issued a "buy" rating for the company. Morgan Stanley boosted their price target on Bowhead Specialty from $36.00 to $39.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Finally, Piper Sandler assumed coverage on Bowhead Specialty in a report on Wednesday, April 16th. They issued an "overweight" rating and a $44.00 price target for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Bowhead Specialty has a consensus rating of "Moderate Buy" and a consensus target price of $39.17.

About Bowhead Specialty

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.