Fox Run Management L.L.C. Invests $666,000 in Palomar Holdings, Inc. $PLMR

Key Points

• Fox Run Management L.L.C. has made a new investment of $666,000 in Palomar Holdings, acquiring 4,862 shares of the company in the first quarter.
• Palomar Holdings achieved a noteworthy 47.6% year-over-year increase in revenue, reporting $496.29 million for the quarter, alongside an EPS of $1.76 which beat estimates by $0.08.
• Brokerages have revised their price targets for Palomar; Piper Sandler decreased their target from $177.00 to $151.00 while maintaining an "overweight" rating.

Fox Run Management L.L.C. acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 4,862 shares of the company's stock, valued at approximately $666,000.

Other hedge funds have also modified their holdings of the company. Westfield Capital Management Co. LP boosted its stake in Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after buying an additional 25,138 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after buying an additional 122,057 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Palomar by 17.8% during the 4th quarter. Northern Trust Corp now owns 278,240 shares of the company's stock valued at $29,379,000 after purchasing an additional 42,133 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $143.10, for a total transaction of $71,550.00. Following the completion of 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 transaction was disclosed in a filing 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 dated Monday, July 21st. The stock was sold at an average price of $140.10, for a total value of $700,500.00. Following the transaction, the chief executive officer owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,794 shares of company stock valued at $2,318,417. Corporate insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PLMR shares. Keefe, Bruyette & Woods reduced their price objective on 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 report on Friday, May 30th. JPMorgan Chase & Co. lowered their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Piper Sandler decreased their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $165.83.

Palomar Stock Up 3.5%

Shares of PLMR traded up $4.21 during trading hours on Wednesday, reaching $125.07. The stock had a trading volume of 233,793 shares, compared to its average volume of 295,129. The company has a market cap of $3.35 billion, a P/E ratio of 21.98 and a beta of 0.44. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The firm has a 50-day moving average of $139.67 and a 200 day moving average of $140.52.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to analysts' expectations of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company's revenue was up 47.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.