Artemis Investment Management LLP Boosts Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Artemis Investment Management LLP raised its stake in Palomar by 12.8% in Q4 to 212,279 shares, worth about $28.6 million (approximately 0.80% of the company).
• Palomar topped expectations with Q results of $2.24 EPS (vs. $2.06 est.) and revenue of $253.36M (up 62.7% YoY), and analysts hold a consensus Buy rating with a $161.75 price target.
• Institutional investors own 90.25% of the stock, while insiders have sold 21,720 shares (~$2.73M) in the past 90 days and currently hold 3.70% of the company.

Artemis Investment Management LLP grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 12.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 212,279 shares of the company's stock after acquiring an additional 24,169 shares during the quarter. Artemis Investment Management LLP owned approximately 0.80% of Palomar worth $28,607,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Palomar by 49.1% during the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock worth $406,000 after acquiring an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Palomar by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company's stock worth $2,115,000 after buying an additional 791 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Palomar during the first quarter worth $66,000. United Services Automobile Association acquired a new position in Palomar during the first quarter valued at $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Palomar by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company's stock valued at $9,960,000 after buying an additional 7,754 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Stock Up 0.5%

Shares of NASDAQ:PLMR opened at $120.97 on Friday. The business has a 50 day moving average price of $123.79 and a 200 day moving average price of $124.65. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 16.85 and a beta of 0.49.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. During the same quarter in the prior year, the company earned $1.52 EPS. The firm's revenue for the quarter was up 62.7% compared to the same quarter last year. Analysts anticipate that Palomar Holdings, Inc. will post 8.97 EPS for the current year.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 783 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the sale, the chief financial officer owned 14,752 shares in the company, valued at approximately $1,888,846.08. This trade represents a 5.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jonathan Knutzen sold 281 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $35,979.24. Following the completion of the sale, the insider owned 27,579 shares of the company's stock, valued at $3,531,215.16. This represents a 1.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,720 shares of company stock worth $2,733,817 over the last 90 days. Insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PLMR. Evercore began coverage on Palomar in a research report on Monday, February 9th. They set an "outperform" rating and a $150.00 price target on the stock. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Sunday, March 1st. JPMorgan Chase & Co. upped their price target on Palomar from $155.00 to $160.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Zacks Research raised Palomar from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. Finally, Weiss Ratings raised Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $161.75.

Palomar Company Profile

Palomar Holdings, Inc NASDAQ: PLMR is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.

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