HighTower Advisors LLC Increases Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• HighTower Advisors LLC increased its stake in Palomar Holdings, Inc. by 252.8%, holding a total of 11,217 shares valued at approximately $1.54 million as of the end of the first quarter.
• Palomar reported a 47.6% year-over-year revenue increase, reaching $496.29 million for the quarter, with an earnings per share of $1.76, exceeding the consensus estimate.
• Equities research analysts have recently adjusted their price targets for Palomar, with the consensus target now at $165.83, reflecting a "Moderate Buy" rating from five analysts.

HighTower Advisors LLC grew its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 252.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,217 shares of the company's stock after purchasing an additional 8,038 shares during the quarter. HighTower Advisors LLC's holdings in Palomar were worth $1,538,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PLMR. Nisa Investment Advisors LLC increased its holdings in shares of Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in Palomar in the 1st quarter worth $46,000. TCTC Holdings LLC increased its holdings in Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares in the last quarter. NBC Securities Inc. purchased a new stake in Palomar in the 1st quarter worth $53,000. Finally, USA Financial Formulas purchased a new stake in Palomar in the 1st quarter worth $55,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of PLMR traded down $0.25 during mid-day trading on Friday, hitting $123.87. 65,578 shares of the company's stock were exchanged, compared to its average volume of 294,333. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 21.77 and a beta of 0.44. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The stock's 50-day moving average is $134.81 and its 200-day moving average is $141.04.

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

Analyst Ratings Changes

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

Insider Transactions at Palomar

In related news, insider Jonathan Knutzen sold 281 shares of the firm's 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 $33,756.53. Following the sale, the insider owned 21,210 shares of the company's stock, valued at $2,547,957.30. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Taketa acquired 500 shares of the business's stock in a transaction on Monday, August 18th. The shares were bought at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the acquisition, the director owned 44,226 shares of the company's stock, valued at $5,357,537.64. This represents a 1.14% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 22,878 shares of company stock valued at $3,202,297 over the last quarter. Insiders own 3.70% of the company's stock.

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.