Clark Capital Management Group Inc. Buys New Shares in Palomar Holdings, Inc. $PLMR

Key Points

• Clark Capital Management Group Inc. has acquired 50,209 shares of Palomar Holdings, Inc., valued at approximately $6.88 million, increasing its stake to 0.19% of the company.
• Palomar reported a strong earnings performance with $1.76 EPS, surpassing estimates, and a year-over-year revenue growth of 47.6%.
• Despite solid earnings, analyst ratings on Palomar have been mixed, with several lowering price targets and shifting ratings from "buy" to "hold".

Clark Capital Management Group Inc. purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 50,209 shares of the company's stock, valued at approximately $6,883,000. Clark Capital Management Group Inc. owned approximately 0.19% of Palomar at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLMR. Northern Trust Corp raised its position in Palomar by 17.8% in the fourth quarter. Northern Trust Corp now owns 278,240 shares of the company's stock worth $29,379,000 after acquiring an additional 42,133 shares in the last quarter. Bayesian Capital Management LP bought a new stake in Palomar in the fourth quarter worth about $303,000. Balyasny Asset Management L.P. raised its position in Palomar by 199.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 134,397 shares of the company's stock worth $14,191,000 after acquiring an additional 89,538 shares in the last quarter. Captrust Financial Advisors raised its position in Palomar by 36.9% in the fourth quarter. Captrust Financial Advisors now owns 7,505 shares of the company's stock worth $792,000 after acquiring an additional 2,024 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Palomar by 156.0% in the fourth quarter. Deutsche Bank AG now owns 38,319 shares of the company's stock worth $4,046,000 after acquiring an additional 23,352 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PLMR has been the topic of a number of analyst reports. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI lifted their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods dropped their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. lowered 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. Finally, Piper Sandler lowered 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. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $165.83.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total transaction of $60,795.00. Following the completion of the transaction, the chief financial officer directly owned 7,168 shares in the company, valued at $871,557.12. This represents a 6.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan Knutzen sold 281 shares of the company's stock in a transaction 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 transaction, the insider owned 21,210 shares of the company's stock, valued at approximately $2,547,957.30. The trade was a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,878 shares of company stock valued at $3,202,297 in the last three months. Company insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of Palomar stock traded down $0.88 on Wednesday, reaching $120.15. The stock had a trading volume of 87,944 shares, compared to its average volume of 290,643. The business's 50-day moving average price is $129.78 and its two-hundred day moving average price is $141.33. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The stock has a market cap of $3.22 billion, a P/E ratio of 21.17 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $173.86 million. During the same period in the previous year, the company earned $1.25 earnings per share. Palomar's revenue for the quarter was up 47.6% on a year-over-year basis. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal 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.