Baader Bank Aktiengesellschaft Makes New $322,000 Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Baader Bank Aktiengesellschaft has invested approximately $322,000 in Palomar Holdings, acquiring 2,392 shares in its first quarter filing with the SEC.
• CEO Mac Armstrong sold 5,000 shares of Palomar stock for $700,500, reducing his ownership by 1.29% to 382,388 shares valued at over $53 million.
• Palomar Holdings recently reported $1.87 EPS for the quarter, exceeding analyst estimates, alongside a revenue of $174.63 million.

Baader Bank Aktiengesellschaft acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,392 shares of the company's stock, valued at approximately $322,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd purchased a new stake in shares of Palomar during the first quarter worth $146,000. TCTC Holdings LLC increased its position in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares during the period. Mackenzie Financial Corp purchased a new stake in shares of Palomar during the first quarter worth $224,000. Corton Capital Inc. purchased a new stake in shares of Palomar during the first quarter worth $246,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Palomar by 3.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,102 shares of the company's stock worth $1,111,000 after acquiring an additional 270 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PLMR shares. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday, June 30th. Finally, Piper Sandler boosted their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $174.17.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $140.10, for a total value of $700,500.00. Following the completion of the transaction, the chief executive officer directly owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the completion of the transaction, the chief financial officer directly owned 6,920 shares of the company's stock, valued at approximately $990,252. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,164 shares of company stock worth $3,061,089 over the last 90 days. Company insiders own 3.70% of the company's stock.

Palomar Stock Performance

NASDAQ PLMR traded down $2.87 during trading on Friday, reaching $129.62. The company's stock had a trading volume of 398,723 shares, compared to its average volume of 307,388. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 25.87 and a beta of 0.44. Palomar Holdings, Inc. has a twelve month low of $82.54 and a twelve month high of $175.85. The business's fifty day moving average price is $150.60 and its 200-day moving average price is $139.40.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the prior year, the firm earned $1.09 earnings per share. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Palomar 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.