Graham Capital Management L.P. Invests $836,000 in Palomar Holdings, Inc. $PLMR

Key Points

• Graham Capital Management L.P. has acquired a new position in Palomar Holdings, purchasing 6,101 shares valued at approximately $836,000 during the first quarter of the year.
• Palomar Holdings reported a 47.6% year-over-year increase in revenue, with earnings per share (EPS) of $1.76 for the last quarter, surpassing the consensus estimate.
• Despite strong financial performance, several analysts have downgraded their ratings on Palomar, with target prices adjusted downward by firms such as JPMorgan and Piper Sandler.

Graham Capital Management L.P. bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,101 shares of the company's stock, valued at approximately $836,000.

Several other large investors have also recently made changes to their positions in PLMR. New Vernon Investment Management LLC lifted its holdings in Palomar by 13.3% in the 1st quarter. New Vernon Investment Management LLC now owns 19,845 shares of the company's stock valued at $2,720,000 after purchasing an additional 2,328 shares in the last quarter. Evergreen Capital Management LLC raised its position in shares of Palomar by 5.8% in the first quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock valued at $305,000 after buying an additional 122 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Palomar by 3.1% in the first quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock valued at $76,649,000 after buying an additional 17,014 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Palomar in the first quarter worth about $591,000. Finally, Landscape Capital Management L.L.C. acquired a new position in Palomar during the first quarter worth about $205,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of Palomar stock traded up $0.25 during trading hours on Wednesday, hitting $121.28. The company's stock had a trading volume of 44,716 shares, compared to its average volume of 290,343. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85. The firm has a fifty day moving average of $129.78 and a 200-day moving average of $141.33. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 21.31 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company's quarterly revenue was up 47.6% on a year-over-year basis. During the same period last year, the company earned $1.25 EPS. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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 value of $62,587.73. Following the completion of the sale, the president owned 59,036 shares in the company, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $126.56, for a total value of $632,800.00. Following the transaction, the chief executive officer owned 377,388 shares in the company, valued at $47,762,225.28. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,878 shares of company stock valued at $3,202,297. 3.70% of the stock is currently owned by company insiders.

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.