11,736 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. purchased 11,736 shares of Palomar Holdings, Inc. (NASDAQ:PLMR) for approximately $1,609,000 during the first quarter.
• Palomar reported $1.76 EPS in its most recent quarterly earnings, beating analysts' expectations, with a 47.6% year-over-year increase in revenue.
• Insider trading activity included Timothy Carter selling 473 shares and CFO T Christopher Uchida selling 500 shares, representing significant decreases in their holdings.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,736 shares of the company's stock, valued at approximately $1,609,000.

A number of other large investors also recently bought and sold shares of PLMR. Price T Rowe Associates Inc. MD lifted its holdings in Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after acquiring an additional 122,057 shares during the period. Freestone Grove Partners LP purchased a new stake in shares of Palomar during the fourth quarter worth approximately $11,774,000. GAMMA Investing LLC grew its holdings in Palomar by 27,543.8% in the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after buying an additional 99,433 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Palomar by 211.8% in the 4th quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock valued at $14,830,000 after buying an additional 95,359 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in Palomar by 714.5% in the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after buying an additional 93,352 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on PLMR. Evercore ISI upped their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods decreased their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Finally, Piper Sandler reduced their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Stock Performance

PLMR opened at $120.26 on Friday. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The company has a market cap of $3.22 billion, a P/E ratio of 21.14 and a beta of 0.44. The business's 50-day simple moving average is $141.23 and its 200-day simple moving average is $140.12.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. Palomar had a return on equity of 20.35% and a net margin of 22.71%. The business had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the prior year, the business posted $1.25 EPS. The business's revenue for the quarter was up 47.6% on a year-over-year basis. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In related news, insider Timothy Carter sold 473 shares of the firm's stock in a transaction that occurred on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider owned 361 shares in the company, valued at $55,467.65. This trade represents a 56.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the transaction, the chief financial officer owned 7,420 shares in the company, valued at $1,177,479.80. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is owned by corporate insiders.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.

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