Palomar Holdings, Inc. $PLMR Shares Bought by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. increased its holdings in Palomar Holdings, Inc. by 867% in the first quarter, now owning 8,229 shares valued at approximately $1.13 million.
• Several hedge funds also significantly increased their positions in Palomar, with notable increases from Deutsche Bank AG (156%) and Janus Henderson Group PLC (211.8%).
• Palomar's recent earnings report showed an EPS of $1.76, exceeding estimates and reflecting a 47.6% year-over-year revenue increase to $496.29 million.

Advisors Asset Management Inc. lifted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 867.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,229 shares of the company's stock after acquiring 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 reporting period.

Several other institutional investors have also recently made changes to their positions in the company. FJ Capital Management LLC lifted its holdings in shares of Palomar by 9.4% in the 1st quarter. FJ Capital Management LLC now owns 23,518 shares of the company's stock worth $3,224,000 after acquiring an additional 2,012 shares during the last quarter. Royal Bank of Canada increased its stake in Palomar by 49.1% in the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock worth $406,000 after buying an additional 974 shares during the period. Graham Capital Management L.P. purchased a new position in Palomar in the 1st quarter worth about $836,000. New Vernon Investment Management LLC increased its stake in Palomar by 13.3% in the 1st quarter. New Vernon Investment Management LLC now owns 19,845 shares of the company's stock worth $2,720,000 after buying an additional 2,328 shares during the period. Finally, Evergreen Capital Management LLC increased its stake in Palomar by 5.8% in the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock worth $305,000 after buying an additional 122 shares during the period. Institutional investors own 90.25% of the company's stock.

Palomar Price Performance

NASDAQ PLMR traded down $2.06 during trading on Friday, reaching $116.84. 303,323 shares of the company's stock traded hands, compared to its average volume of 261,615. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 20.53 and a beta of 0.34. The company's 50 day simple moving average is $128.16 and its two-hundred day simple moving average is $141.24. 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 earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The business had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 EPS. Research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, COO Rodolphe Herve sold 1,130 shares of Palomar stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer owned 807 shares of the company's stock, valued at $104,990.70. The trade was a 58.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $93,941.66. Following the completion of the transaction, the chief financial officer directly owned 7,668 shares in the company, valued at approximately $921,156.84. The trade was a 9.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,878 shares of company stock worth $3,202,297. 3.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PLMR shares. Evercore ISI raised their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Piper Sandler reduced their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. JPMorgan Chase & Co. reduced their price target on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Five equities research 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, Palomar presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.83.

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.