23,716 Shares in Palomar Holdings, Inc. $PLMR Acquired by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE has acquired 23,716 shares of Palomar Holdings, valued at approximately $3.25 million, representing a 0.09% stake in the company.
• Palomar Holdings reported revenue of $496.29 million for the last quarter, significantly exceeding analyst estimates and marking a 47.6% increase year-over-year.
• Institutional investors now own 90.25% of Palomar's shares, indicating strong interest from major financial institutions.

Axiom Investors LLC DE acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,716 shares of the company's stock, valued at approximately $3,251,000. Axiom Investors LLC DE owned 0.09% of Palomar at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PLMR. KBC Group NV increased its stake in shares of Palomar by 9.1% in the first quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after buying an additional 95 shares in the last quarter. Hohimer Wealth Management LLC lifted its holdings in shares of Palomar by 3.9% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after acquiring an additional 190 shares in the last quarter. LPL Financial LLC lifted its stake in Palomar by 6.7% in the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company's stock valued at $325,000 after acquiring an additional 194 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PLMR shares. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Evercore ISI raised their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods decreased their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their price target on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.83.

Insider Buying and Selling

In other Palomar news, Director Richard H. Taketa purchased 500 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director owned 44,226 shares in the company, valued at approximately $5,357,537.64. This trade represents a 1.14% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares in the company, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,878 shares of company stock valued at $3,202,297 over the last ninety days. Company insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of NASDAQ PLMR traded down $0.85 during midday trading on Friday, hitting $123.27. 121,379 shares of the stock traded hands, compared to its average volume of 294,468. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The firm has a 50-day moving average of $134.81 and a two-hundred day moving average of $141.04. The firm has a market capitalization of $3.30 billion, a P/E ratio of 21.66 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter last year, the business posted $1.25 earnings per share. The business's quarterly revenue was up 47.6% compared to the same quarter last year. Equities 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.