Jefferies Financial Group Inc. Takes $350,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Jefferies Financial Group Inc. acquired 2,555 shares of Palomar Holdings, valued at approximately $350,000, during the 1st quarter, reflecting institutional interest in the company.
• Insider trading activity included CEO Mac Armstrong selling 5,000 shares at an average price of $140.10, leading to an overall 1.29% decrease in his ownership.
• Palomar's stock price decreased by 2.0% recently, reaching $120.38, despite reporting a strong quarterly EPS of $1.76, surpassing analysts’ expectations.

Jefferies Financial Group Inc. acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,555 shares of the company's stock, valued at approximately $350,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PLMR. Nisa Investment Advisors LLC raised its holdings in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after buying an additional 202 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar during the first quarter valued at $46,000. TCTC Holdings LLC boosted its stake in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after purchasing an additional 205 shares during the period. NBC Securities Inc. purchased a new stake in shares of Palomar during the first quarter valued at $53,000. Finally, USA Financial Formulas purchased a new stake in shares of Palomar during the first quarter valued at $55,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLMR. Evercore ISI boosted their target price on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Keefe, Bruyette & Woods decreased their price objective on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday. Finally, Piper Sandler decreased their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Palomar has a consensus rating of "Moderate Buy" and an average price target of $165.83.

Palomar Price Performance

NASDAQ PLMR traded down $1.09 during midday trading on Tuesday, hitting $120.56. 104,864 shares of the company traded hands, compared to its average volume of 293,981. The company has a market cap of $3.23 billion, a PE ratio of 21.13 and a beta of 0.44. The company's 50-day simple moving average is $145.11 and its 200-day simple moving average is $140.19. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating 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 return on equity of 20.35% and a net margin of 22.71%. The business's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 EPS. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In other Palomar news, COO Rodolphe Herve sold 1,130 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy Carter sold 473 shares of the business's stock in a transaction dated Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the transaction, the insider owned 361 shares of the company's stock, valued at $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,294 shares of company stock valued at $3,208,102. Company 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.