35,700 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Bought by Informed Momentum Co LLC

Key Points

• Informed Momentum Co LLC has invested $4.89 million in Palomar Holdings, Inc. by acquiring 35,700 shares, making Palomar approximately 0.8% of their holdings.
• Brokerages have adjusted their price targets for Palomar, with JPMorgan lowering its target from $170 to $158, while Truist Financial increased its target from $150 to $178.
• In the last 90 days, insiders have sold a total of 21,294 shares of Palomar stock valued at over $3.2 million, indicating significant insider selling activity.

Informed Momentum Co LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 35,700 shares of the company's stock, valued at approximately $4,894,000. Palomar accounts for 0.8% of Informed Momentum Co LLC's portfolio, making the stock its 12th largest holding. Informed Momentum Co LLC owned about 0.13% of Palomar as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PLMR. Westfield Capital Management Co. LP boosted its holdings in Palomar by 4.2% in the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after acquiring an additional 25,138 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Palomar by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after acquiring an additional 17,320 shares during the last quarter. Artemis Investment Management LLP lifted its stake in Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after buying an additional 77,472 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after buying an additional 122,057 shares during the period. Finally, Northern Trust Corp lifted its stake in Palomar by 17.8% in the fourth quarter. Northern Trust Corp now owns 278,240 shares of the company's stock valued at $29,379,000 after buying an additional 42,133 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PLMR. JPMorgan Chase & Co. cut their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday. Evercore ISI raised their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods dropped their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Piper Sandler dropped their price target on 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 lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the transaction, the chief executive officer owned 392,388 shares of the company's stock, valued at approximately $63,551,160.48. The trade was a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares of the company's stock, valued at $104,990.70. This trade represents a 58.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,294 shares of company stock worth $3,208,102 over the last 90 days. Corporate insiders own 3.70% of the company's stock.

Palomar Trading Down 0.3%

NASDAQ PLMR traded down $0.34 during midday trading on Friday, hitting $120.26. The company had a trading volume of 308,976 shares, compared to its average volume of 297,016. The company has a market capitalization of $3.22 billion, a PE ratio of 21.14 and a beta of 0.44. The firm has a 50-day moving average price of $142.14 and a 200-day moving average price of $140.05. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85.

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