50,650 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Acquired by Beacon Harbor Wealth Advisors Inc.

Key Points

• Beacon Harbor Wealth Advisors Inc. has acquired a new stake in Palomar Holdings, Inc., purchasing 50,650 shares valued at approximately $6.94 million, which now represents about 1.6% of their investment portfolio.
• Palomar recently reported a quarterly earnings per share (EPS) of $1.76, exceeding analysts' expectations by $0.08, with a revenue increase of 47.6% year-over-year to $496.29 million.
• The stock has shown price fluctuations with a 52-week low of $85.00 and a high of $175.85, and currently has a market capitalization of $3.12 billion.

Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 50,650 shares of the company's stock, valued at approximately $6,943,000. Palomar comprises approximately 1.6% of Beacon Harbor Wealth Advisors Inc.'s holdings, making the stock its 25th biggest position. Beacon Harbor Wealth Advisors Inc. owned about 0.19% of Palomar at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Palomar by 39.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after acquiring an additional 122,057 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Palomar during the 4th quarter valued at $11,774,000. GAMMA Investing LLC grew 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 valued at $13,680,000 after buying an additional 99,433 shares during the period. Janus Henderson Group PLC boosted its position in Palomar by 211.8% during the 4th 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 period. Finally, Bessemer Group Inc. boosted its position in Palomar by 714.5% during the 1st 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 period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the sale, the chief executive officer directly owned 382,388 shares in the company, valued at approximately $53,572,558.80. The trade was a 1.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar 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 transaction, the chief financial officer directly owned 6,920 shares of the company's stock, valued at $990,252. This represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,294 shares of company stock valued at $3,208,102 in the last 90 days. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PLMR shares. Piper Sandler cut their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Evercore ISI increased their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Truist Financial raised their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $165.83.

Palomar Trading Up 1.6%

PLMR stock traded up $1.96 during midday trading on Monday, reaching $122.34. The company had a trading volume of 78,325 shares, compared to its average volume of 293,609. The company has a market capitalization of $3.28 billion, a P/E ratio of 21.49 and a beta of 0.44. The company has a 50 day moving average of $146.19 and a two-hundred day moving average of $140.06. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.08. The company had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business's quarterly revenue was up 47.6% on a year-over-year basis. During the same period last year, the business posted $1.25 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current 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.