Axiom Investors LLC DE Purchases New Shares in Palomar Holdings, Inc. $PLMR

Key Points

• Axiom Investors LLC DE purchased 23,716 shares of Palomar Holdings, valued at approximately $3.25 million, increasing their stake to 0.09% in the company.
• CEO Mac Armstrong sold 5,000 shares for $632,800, while Director Richard H. Taketa bought 500 shares for $60,570, showcasing mixed insider trading activities.
• Palomar's latest quarterly earnings report revealed earnings of $1.76 per share, exceeding expectations, with revenue significantly increasing to $496.29 million, up 47.6% year-over-year.

Axiom Investors LLC DE bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 23,716 shares of the company's stock, valued at approximately $3,251,000. Axiom Investors LLC DE owned about 0.09% of Palomar at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PLMR. Nuveen LLC purchased a new position in shares of Palomar during the 1st quarter worth about $26,084,000. GAMMA Investing LLC boosted its stake in shares of Palomar by 27,543.8% during the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock worth $13,680,000 after purchasing an additional 99,433 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Palomar by 322.4% during the 1st quarter. Alliancebernstein L.P. now owns 127,383 shares of the company's stock worth $17,462,000 after purchasing an additional 97,226 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Palomar by 211.8% in the fourth quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock worth $14,830,000 after purchasing an additional 95,359 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after purchasing an additional 93,352 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $126.56, for a total value of $632,800.00. Following the sale, the chief executive officer directly owned 377,388 shares in the company, valued at approximately $47,762,225.28. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Taketa purchased 500 shares of the stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the acquisition, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. This represents a 1.14% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 22,878 shares of company stock worth $3,202,297. Insiders own 3.70% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PLMR. Evercore ISI upped their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Piper Sandler cut their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $165.83.

Palomar Price Performance

Shares of Palomar stock opened at $123.21 on Monday. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85. The firm's 50-day moving average is $130.95 and its two-hundred day moving average is $141.44. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 21.65 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results 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 net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million for the quarter, compared to analysts' expectations of $173.86 million. During the same period last year, the business earned $1.25 EPS. The company's revenue was up 47.6% compared to the same quarter last year. On average, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Palomar Company 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.

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