Alliancebernstein L.P. Grows Holdings in Palomar Holdings, Inc. $PLMR

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 position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 322.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 127,383 shares of the company's stock after buying an additional 97,226 shares during the period. Alliancebernstein L.P. owned about 0.48% of Palomar worth $17,462,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in 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 buying an additional 43,705 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Palomar by 4.2% in the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after buying an additional 25,138 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Palomar by 3.1% in the first quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock valued at $76,649,000 after buying an additional 17,014 shares in the last quarter. Artemis Investment Management LLP increased its holdings in Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after buying an additional 77,472 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Palomar by 4.3% in the first quarter. Northern Trust Corp now owns 290,283 shares of the company's stock valued at $39,792,000 after buying an additional 12,043 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred 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 $47,762,225.28. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 521 shares of the firm's stock in a transaction 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. The trade was 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 worth $3,202,297 over the last 90 days. Company insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PLMR shares. JPMorgan Chase & Co. cut 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. Piper Sandler cut 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. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI boosted their target price 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. Finally, Keefe, Bruyette & Woods cut 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 equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Palomar presently has an average rating of "Moderate Buy" and a consensus target price of $165.83.

Palomar Trading Down 1.9%

Shares of NASDAQ PLMR opened at $118.70 on Thursday. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The stock has a market cap of $3.18 billion, a PE ratio of 20.86 and a beta of 0.34. The company has a 50-day moving average of $129.29 and a 200 day moving average of $141.18.

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