Driehaus Capital Management LLC Increases Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Driehaus Capital Management LLC has increased its holdings in Palomar Holdings, Inc. to approximately $76.65 million, owning about 2.09% of the company's shares after acquiring an additional 17,014 shares in the first quarter.
• Palomar reported $1.76 earnings per share (EPS) for the last quarter, exceeding analyst estimates of $1.68, while their revenue grew significantly by 47.6% year-over-year, totaling $496.29 million.
• The stock has seen several recent analyst rating adjustments, including a downgrade from "buy" to "hold" by Wall Street Zen, while others set a consensus target price of $165.83 indicating a "Moderate Buy" rating overall.

Driehaus Capital Management LLC lifted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 559,156 shares of the company's stock after purchasing an additional 17,014 shares during the period. Driehaus Capital Management LLC owned about 2.09% of Palomar worth $76,649,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Trexquant Investment LP acquired a new position in Palomar in the 1st quarter valued at about $591,000. Landscape Capital Management L.L.C. acquired a new stake in Palomar during the 1st quarter worth approximately $205,000. Ieq Capital LLC acquired a new stake in Palomar during the 1st quarter worth approximately $243,000. Comerica Bank lifted its holdings in Palomar by 3.8% during the 1st quarter. Comerica Bank now owns 49,838 shares of the company's stock worth $6,832,000 after buying an additional 1,818 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in shares of Palomar in the 1st quarter valued at approximately $3,251,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on PLMR. JPMorgan Chase & Co. dropped their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Piper Sandler lowered their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $165.83.

Palomar Stock Up 0.7%

Shares of NASDAQ:PLMR traded up $0.81 during trading on Wednesday, reaching $123.08. The stock had a trading volume of 49,841 shares, compared to its average volume of 292,826. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The business has a fifty day moving average price of $132.66 and a 200-day moving average price of $141.31. The stock has a market cap of $3.30 billion, a P/E ratio of 21.61 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly 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 firm had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the prior year, the business posted $1.25 earnings per share. Palomar's revenue for the quarter 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.

Insider Activity

In other Palomar news, Director Richard H. Taketa acquired 500 shares of the company's stock in a transaction dated Monday, August 18th. The stock was bought at an average price of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director directly owned 44,226 shares of the company's stock, valued at approximately $5,357,537.64. The trade was a 1.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company's stock, valued at $61,261,538.32. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,878 shares of company stock valued at $3,202,297 in the last ninety days. 3.70% of the stock is owned by company insiders.

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.