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 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 completion of the transaction, the director owned 8,968,445 shares of the company's stock, valued at $274,972,523.70. The trade was a 18.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Bowhead Specialty Stock Down 1.1%

Shares of BOW traded down $0.36 during trading hours on Tuesday, reaching $31.24. 64,073 shares of the company traded hands, compared to its average volume of 236,869. The company's fifty day moving average price is $34.58 and its two-hundred day moving average price is $36.04. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 21.25 and a beta of -0.69. Bowhead Specialty Holdings Inc. has a 12 month low of $26.56 and a 12 month 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 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.01. The company had revenue of $232.36 million during the quarter, compared to analysts' expectations of $134.66 million. Bowhead Specialty had a return on equity of 13.25% and a net margin of 10.05%. On average, analysts expect that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Bowhead Specialty

Several hedge funds have recently bought and sold shares of BOW. KLP Kapitalforvaltning AS bought a new stake in Bowhead Specialty during the fourth quarter worth about $107,000. Vanguard Group Inc. boosted its stake in Bowhead Specialty by 55.1% during the fourth quarter. Vanguard Group Inc. now owns 647,182 shares of the company's stock worth $22,988,000 after acquiring an additional 230,039 shares in the last quarter. Corebridge Financial Inc. boosted its stake in Bowhead Specialty by 49.9% during the fourth quarter. Corebridge Financial Inc. now owns 5,787 shares of the company's stock worth $206,000 after acquiring an additional 1,926 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Bowhead Specialty by 102.4% during the fourth quarter. JPMorgan Chase & Co. now owns 99,813 shares of the company's stock worth $3,545,000 after acquiring an additional 50,491 shares in the last quarter. Finally, Norges Bank bought a new stake in Bowhead Specialty during the fourth quarter worth about $4,828,000.

Wall Street Analysts Forecast Growth

BOW has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Bowhead Specialty in a research note on Friday. They issued a "buy" rating for the company. Piper Sandler initiated coverage on shares of Bowhead Specialty in a research note on Wednesday, April 16th. They issued an "overweight" rating and a $44.00 price target for the company. Keefe, Bruyette & Woods cut their price target on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Morgan Stanley upped their price objective on shares of Bowhead Specialty from $36.00 to $39.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.