Baldwin Insurance Group (NASDAQ:BWIN) Stock Price Down 6.2% – Here’s What Happened

Shares of Baldwin Insurance Group, Inc. (NASDAQ:BWIN) dropped 6.2% during trading on Wednesday . The company traded as low as $17.72 and last traded at $17.5350. Approximately 691,262 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,580,173 shares. The stock had previously closed at $18.69.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BWIN shares. Raymond James Financial raised shares of Baldwin Insurance Group from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $20.00 to $30.00 in a research note on Friday, February 27th. Bank of America reduced their price objective on shares of Baldwin Insurance Group from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Wells Fargo & Company raised their price objective on shares of Baldwin Insurance Group from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 5th. TD Cowen reaffirmed a “buy” rating on shares of Baldwin Insurance Group in a research note on Monday. Finally, JPMorgan Chase & Co. cut their target price on Baldwin Insurance Group from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Baldwin Insurance Group presently has a consensus rating of “Hold” and an average price target of $29.63.

Baldwin Insurance Group Trading Down 7.1%

The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.51. The business has a 50 day moving average price of $21.18 and a 200-day moving average price of $22.04. The company has a market cap of $2.48 billion, a P/E ratio of -25.85, a PEG ratio of 0.64 and a beta of 1.16.

Baldwin Insurance Group (NASDAQ:BWIN) last issued its earnings results on Monday, May 4th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). The business had revenue of $532.24 million for the quarter, compared to the consensus estimate of $524.07 million. Baldwin Insurance Group had a positive return on equity of 12.35% and a negative net margin of 2.80%.The business’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Analysts forecast that Baldwin Insurance Group, Inc. will post 1.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Baldwin Insurance Group news, major shareholder Elizabeth Krystyn sold 130,018 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $21.20, for a total value of $2,756,381.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 20.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its holdings in Baldwin Insurance Group by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 61,912 shares of the company’s stock worth $2,650,000 after acquiring an additional 555 shares during the period. NewEdge Advisors LLC grew its holdings in Baldwin Insurance Group by 6.7% during the 1st quarter. NewEdge Advisors LLC now owns 11,075 shares of the company’s stock worth $495,000 after acquiring an additional 700 shares during the period. HB Wealth Management LLC grew its holdings in Baldwin Insurance Group by 1.0% during the 1st quarter. HB Wealth Management LLC now owns 74,451 shares of the company’s stock worth $1,633,000 after acquiring an additional 703 shares during the period. Alliancebernstein L.P. grew its holdings in Baldwin Insurance Group by 0.9% during the 3rd quarter. Alliancebernstein L.P. now owns 82,834 shares of the company’s stock worth $2,337,000 after acquiring an additional 715 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Baldwin Insurance Group by 238.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,278 shares of the company’s stock worth $28,000 after acquiring an additional 900 shares during the period. 77.49% of the stock is owned by institutional investors and hedge funds.

About Baldwin Insurance Group

Baldwin Insurance Group, Inc (NASDAQ: BWIN) is a specialty insurance and surety firm that underwrites contract bonds, commercial insurance policies and related risk-management services. Its core offerings include contract and commercial surety, which provide performance and payment guarantees to obligees in construction, service and public-sector projects. In addition, the company delivers complementary commercial lines coverages designed to mitigate liability, property and workers’ compensation exposures.

Through a network of regional agency offices primarily across the Midwestern United States, Baldwin Insurance Group serves contractors, developers, small and mid-sized businesses as well as municipal and public-sector clients.