Legato Capital Management LLC Acquires 16,296 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Legato Capital Management LLC raised its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 275.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,216 shares of the company's stock after purchasing an additional 16,296 shares during the period. Legato Capital Management LLC owned approximately 0.08% of Palomar worth $3,045,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PLMR. Cambridge Investment Research Advisors Inc. bought a new position in shares of Palomar during the first quarter valued at $276,000. Principal Financial Group Inc. raised its stake in shares of Palomar by 2.5% during the first quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock valued at $20,732,000 after acquiring an additional 3,697 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of Palomar during the first quarter valued at $1,327,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Palomar by 8.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after acquiring an additional 190 shares during the last quarter. Finally, Artemis Investment Management LLP raised its stake in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after acquiring an additional 77,472 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial raised their price objective 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. Evercore ISI boosted their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Jefferies Financial Group lifted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, Piper Sandler lifted their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $174.17.

Palomar Stock Performance

Shares of PLMR opened at $137.80 on Wednesday. The stock has a market cap of $3.68 billion, a PE ratio of 27.50 and a beta of 0.46. Palomar Holdings, Inc. has a fifty-two week low of $82.55 and a fifty-two week high of $175.85. The firm's 50-day simple moving average is $155.74 and its two-hundred day simple moving average is $137.67.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were 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 directly owned 392,388 shares of the company's stock, valued at approximately $63,551,160.48. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Timothy Carter sold 473 shares of the firm's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider directly owned 361 shares of the company's stock, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,164 shares of company stock worth $3,061,089 over the last quarter. Company insiders own 3.70% of the company's stock.

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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.