Palomar Holdings, Inc. $PLMR Shares Bought by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its stake in Palomar Holdings, Inc. by 322.4% during the first quarter, now owning about 0.48% of the company valued at approximately $17.5 million.
• Insider selling included CEO Mac Armstrong, who sold 5,000 shares at an average price of $126.56, reducing his ownership by 1.31%.
• Palomar reported $1.76 earnings per share for the quarter, exceeding estimates, with revenues up 47.6% year-over-year, totaling approximately $496.29 million.

Alliancebernstein L.P. raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 322.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,383 shares of the company's stock after purchasing an additional 97,226 shares during the period. Alliancebernstein L.P. owned 0.48% of Palomar worth $17,462,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Palomar during the 1st quarter worth about $46,000. TCTC Holdings LLC boosted its stake in shares of Palomar by 116.5% during the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Palomar during the 1st quarter worth about $53,000. Finally, USA Financial Formulas purchased a new stake in shares of Palomar during the 1st quarter worth about $55,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Down 1.1%

Shares of Palomar stock traded down $1.25 on Tuesday, reaching $114.54. 325,356 shares of the stock were exchanged, compared to its average volume of 267,919. The firm has a market capitalization of $3.07 billion, a PE ratio of 20.13 and a beta of 0.34. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The business has a fifty day moving average price of $127.01 and a two-hundred day moving average price of $141.09.

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, topping analysts' consensus estimates of $1.68 by $0.08. The firm 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 firm's revenue was up 47.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.25 earnings per share. Research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $33,756.53. Following the sale, the insider directly owned 21,210 shares in the company, valued at $2,547,957.30. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jon Christianson sold 521 shares of the stock in a transaction that occurred on 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 in the company, valued at $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,878 shares of company stock valued at $3,202,297. Corporate insiders own 3.70% of the company's stock.

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.