Diversified Trust Co Has $579,000 Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Diversified Trust Co reduced its stake in Palomar Holdings, Inc. by 40.9%, now holding 3,754 shares worth $579,000.
• Several institutional investors like Nuveen LLC and Bessemer Group Inc. significantly increased their holdings in Palomar during the first quarter of the year.
• Palomar reported an earnings per share (EPS) of $1.76 for the last quarter, surpassing analyst expectations and marking a 47.6% revenue increase year-over-year.

Diversified Trust Co cut its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 40.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,754 shares of the company's stock after selling 2,593 shares during the period. Diversified Trust Co's holdings in Palomar were worth $579,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of PLMR. Nuveen LLC acquired a new position in shares of Palomar in the first quarter valued at about $26,084,000. GAMMA Investing LLC grew its stake in shares of Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Palomar by 322.4% in the first quarter. Alliancebernstein L.P. now owns 127,383 shares of the company's stock valued at $17,462,000 after acquiring an additional 97,226 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after acquiring an additional 93,352 shares in the last quarter. Finally, Artemis Investment Management LLP grew its stake in shares of Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after acquiring an additional 77,472 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

NASDAQ:PLMR opened at $116.15 on Wednesday. The firm's 50 day simple moving average is $124.61 and its 200 day simple moving average is $140.70. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The company has a market cap of $3.11 billion, a PE ratio of 20.41 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $173.86 million. During the same period last year, the company earned $1.25 EPS. The firm's revenue was up 47.6% compared to the same quarter last year. Equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 521 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 $62,587.73. Following the sale, the president directly owned 59,036 shares in the company, valued at $7,091,994.68. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the sale, the chief financial officer 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. Insiders sold 17,378 shares of company stock worth $2,332,252 over the last quarter. Insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PLMR. JPMorgan Chase & Co. decreased their price target on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Piper Sandler decreased their price target 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. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Evercore ISI increased their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Finally, Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Palomar has an average rating of "Moderate Buy" and a consensus target price of $165.83.

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.

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