Axiom Investors LLC DE Invests $3.25 Million 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 acquired a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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.

Other large investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Palomar in the first quarter worth about $276,000. Principal Financial Group Inc. grew its stake in shares of Palomar by 2.5% in the first quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock worth $20,732,000 after purchasing an additional 3,697 shares during the last quarter. Informed Momentum Co LLC bought a new stake in shares of Palomar in the first quarter worth about $4,894,000. HighTower Advisors LLC grew its stake in shares of Palomar by 252.8% in the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company's stock worth $1,538,000 after purchasing an additional 8,038 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Palomar in the first quarter worth about $6,943,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Trading Down 1.7%

Palomar stock traded down $2.06 during trading hours on Friday, hitting $116.84. 303,323 shares of the stock traded hands, compared to its average volume of 261,615. The firm's 50-day moving average price is $128.16 and its two-hundred day moving average price is $141.10. The company has a market cap of $3.13 billion, a PE ratio of 20.53 and a beta of 0.34. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85.

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

Insider Buying and Selling at Palomar

In other news, insider Jonathan Knutzen sold 281 shares of Palomar 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 $33,756.53. Following the completion of the transaction, the insider directly owned 21,210 shares in the company, valued at approximately $2,547,957.30. This trade 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 accessible through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the sale, the chief financial officer directly owned 7,168 shares in the company, valued at approximately $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 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

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

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.