Invesco Ltd. Purchases 60,409 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Invesco Ltd. increased its stake in Palomar Holdings by 33.8% in Q1, acquiring an additional 60,409 shares, bringing its total holdings to 238,978 shares valued at approximately $32.76 million.
• Palomar reported a quarterly earnings per share of $1.76, surpassing analysts' expectations, with a revenue of $496.29 million, a 47.6% increase year-over-year.
• Several hedge funds significantly increased their positions in Palomar, with institutional investors now owning 90.25% of the company's stock.

Invesco Ltd. grew its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 33.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 238,978 shares of the company's stock after buying an additional 60,409 shares during the period. Invesco Ltd. owned 0.89% of Palomar worth $32,759,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PLMR. Price T Rowe Associates Inc. MD lifted its position in shares of Palomar by 39.4% during the 4th 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 last quarter. Freestone Grove Partners LP purchased a new position in shares of Palomar during the 4th quarter valued at $11,774,000. GAMMA Investing LLC lifted its position in shares of Palomar by 27,543.8% during the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after buying an additional 99,433 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Palomar by 211.8% during the 4th quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock valued at $14,830,000 after buying an additional 95,359 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Palomar by 714.5% during the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after buying an additional 93,352 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $33,756.53. Following the completion of the sale, the insider owned 21,210 shares in the company, valued at approximately $2,547,957.30. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total value 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. This trade represents a 6.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,878 shares of company stock worth $2,569,497. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods decreased 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. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI boosted their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Piper Sandler decreased 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, JPMorgan Chase & Co. decreased 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, August 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.83.

Palomar Stock Performance

PLMR stock traded up $4.21 during trading on Wednesday, hitting $125.07. 233,793 shares of the company traded hands, compared to its average volume of 456,549. The firm has a market capitalization of $3.35 billion, a PE ratio of 21.06 and a beta of 0.44. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85. The company has a 50-day moving average of $139.01 and a 200-day moving average of $140.42.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results 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 company had revenue of $496.29 million during the quarter, compared to analysts' expectations of $173.86 million. During the same period in the prior year, the business posted $1.25 EPS. Palomar's quarterly revenue was up 47.6% compared to the same quarter last year. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar Company 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.