Advisors Asset Management Inc. Grows Stock Holdings in Palomar Holdings, Inc. $PLMR

Advisors Asset Management Inc. grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 867.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,229 shares of the company's stock after buying an additional 7,378 shares during the quarter. Advisors Asset Management Inc.'s holdings in Palomar were worth $1,128,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PLMR. Nuveen LLC purchased a new stake in Palomar during the first quarter worth approximately $26,084,000. GAMMA Investing LLC grew its stake in Palomar by 27,543.8% during the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock worth $13,680,000 after buying an additional 99,433 shares during the period. Janus Henderson Group PLC grew its stake in Palomar by 211.8% during the fourth quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock worth $14,830,000 after buying an additional 95,359 shares during the period. Bessemer Group Inc. grew its stake in Palomar by 714.5% during the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after buying an additional 93,352 shares during the period. Finally, Artemis Investment Management LLP grew its stake in Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after buying an additional 77,472 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PLMR shares. Evercore ISI upped their target price on shares of 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 downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $165.83.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $126.56, for a total transaction of $632,800.00. Following the sale, the chief executive officer directly owned 377,388 shares of the company's stock, valued at approximately $47,762,225.28. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 521 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the sale, the president directly owned 59,036 shares in the company, valued at $7,091,994.68. This trade represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,878 shares of company stock valued at $3,202,297 in the last ninety days. 3.70% of the stock is owned by insiders.

Palomar Price Performance

PLMR opened at $123.79 on Tuesday. The stock has a market capitalization of $3.32 billion, a PE ratio of 21.76 and a beta of 0.34. The firm's fifty day moving average price is $130.34 and its 200 day moving average price is $141.47. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85.

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

About Palomar

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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