Dynamic Technology Lab Private Ltd Purchases New Shares in Palomar Holdings, Inc. $PLMR

Key Points

• Dynamic Technology Lab Private Ltd acquired 2,290 shares of Palomar Holdings, Inc., valued at approximately $314,000, as part of its new position in the company during the first quarter.
• Palomar reported a 47.6% increase in revenue year-over-year, with earnings per share of $1.76, which surpassed market expectations of $1.68.
• Investment analysts have mixed outlooks on Palomar, with the stock receiving a "Moderate Buy" rating and an average price target of $165.83.

Dynamic Technology Lab Private Ltd acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 2,290 shares of the company's stock, valued at approximately $314,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of Palomar by 5.6% in the first quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock valued at $113,656,000 after purchasing an additional 43,705 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after acquiring an additional 25,138 shares in the last quarter. Driehaus Capital Management LLC boosted its position in Palomar by 3.1% during the 1st quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock worth $76,649,000 after acquiring an additional 17,014 shares during the last quarter. Artemis Investment Management LLP boosted its position in Palomar by 17.0% during the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after acquiring an additional 77,472 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Palomar by 4.3% during the 1st quarter. Northern Trust Corp now owns 290,283 shares of the company's stock worth $39,792,000 after acquiring an additional 12,043 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Palomar

In related news, President Jon Christianson sold 521 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president owned 59,036 shares of the company's stock, valued at approximately $7,091,994.68. The trade was a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total transaction of $60,795.00. Following the completion of the transaction, the chief financial officer directly owned 7,168 shares in the company, valued at approximately $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,378 shares of company stock worth $3,122,952 in the last quarter. 3.70% of the stock is owned by corporate insiders.

Palomar Trading Up 2.4%

Shares of PLMR traded up $2.72 during mid-day trading on Thursday, reaching $117.77. The company's stock had a trading volume of 544,952 shares, compared to its average volume of 283,307. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The business has a 50-day simple moving average of $126.00 and a two-hundred day simple moving average of $140.84. The stock has a market cap of $3.15 billion, a P/E ratio of 20.70 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share 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 analysts' expectations of $173.86 million. During the same quarter in the prior year, the business earned $1.25 EPS. The firm's revenue for the quarter was up 47.6% on a year-over-year basis. Research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar 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.