Harbor Capital Advisors Inc. Has $5.65 Million Position in Palomar Holdings, Inc. $PLMR

Key Points

• Harbor Capital Advisors Inc. reduced its stake in Palomar Holdings, Inc. by 27.6% in Q2, selling 13,931 shares and retaining 36,597 shares worth approximately $5.6 million.
• Palomar's recent earnings report showed a 47.6% increase in revenue year-over-year, bringing in $496.29 million, and earnings per share beat estimates at $1.76.
• Multiple research analysts have downgraded Palomar's rating, with the consensus target price now set at $165.83, following adjustments by firms like Piper Sandler and JPMorgan.

Harbor Capital Advisors Inc. lessened its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 27.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,597 shares of the company's stock after selling 13,931 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.14% of Palomar worth $5,645,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new position in Palomar in the first quarter valued at about $276,000. Principal Financial Group Inc. grew its holdings in Palomar by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock valued at $20,732,000 after buying an additional 3,697 shares during the last quarter. Informed Momentum Co LLC bought a new position in Palomar in the 1st quarter valued at $4,894,000. HighTower Advisors LLC grew its stake in shares of Palomar by 252.8% during the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company's stock worth $1,538,000 after purchasing an additional 8,038 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Palomar in the first quarter valued at about $6,943,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares of the company's stock, valued at approximately $871,557.12. The trade was a 6.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction that occurred 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 approximately $47,762,225.28. This represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,378 shares of company stock worth $3,122,952. 3.70% of the stock is currently owned by corporate insiders.

Palomar Stock Down 1.6%

NASDAQ:PLMR traded down $1.93 during trading hours on Friday, hitting $115.84. 437,584 shares of the company traded hands, compared to its average volume of 290,665. The company has a market cap of $3.10 billion, a PE ratio of 20.36 and a beta of 0.34. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The firm's 50-day simple moving average is $125.62 and its 200-day simple moving average is $140.84.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results 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 return on equity of 20.35% and a net margin of 22.71%.The company had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the previous year, the company posted $1.25 EPS. Palomar's quarterly revenue was up 47.6% compared to the same quarter last year. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. dropped their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Piper Sandler reduced 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. Evercore ISI raised their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their target price 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. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $165.83.

About Palomar

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.