Beacon Harbor Wealth Advisors Inc. Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

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. bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 50,650 shares of the company's stock, valued at approximately $6,943,000. Palomar accounts for about 1.6% of Beacon Harbor Wealth Advisors Inc.'s holdings, making the stock its 25th biggest holding. Beacon Harbor Wealth Advisors Inc. owned approximately 0.19% of Palomar as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in Palomar by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 241,490 shares of the company's stock worth $33,103,000 after acquiring an additional 1,314 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Palomar in the 1st quarter worth approximately $185,000. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after buying an additional 25,138 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Palomar by 3.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,369 shares of the company's stock valued at $736,000 after buying an additional 204 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in Palomar by 0.8% during the first quarter. Jupiter Asset Management Ltd. now owns 95,638 shares of the company's stock valued at $13,110,000 after buying an additional 800 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

Palomar stock traded down $2.51 during midday trading on Friday, reaching $120.38. 396,482 shares of the company traded hands, compared to its average volume of 460,510. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The business has a 50 day moving average of $146.19 and a two-hundred day moving average of $139.58. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 21.16 and a beta of 0.44.

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 the consensus estimate 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 for the quarter, compared to analysts' expectations of $173.86 million. During the same period in the prior year, the firm earned $1.25 EPS. The company's revenue was up 47.6% compared to the same quarter last year. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PLMR shares. 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. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Jefferies Financial Group raised their price target on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Truist Financial boosted their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $164.50.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the sale, the chief financial officer directly owned 7,420 shares in the company, valued at approximately $1,177,479.80. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the sale, the chief operating officer directly owned 807 shares of the company's stock, valued at approximately $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,294 shares of company stock valued at $3,208,102. Company insiders own 3.70% of the company's stock.

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.