Lisanti Capital Growth LLC Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Lisanti Capital Growth LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 57,870 shares of the company's stock, valued at approximately $7,933,000. Palomar comprises about 2.4% of Lisanti Capital Growth LLC's portfolio, making the stock its 2nd biggest holding. Lisanti Capital Growth LLC owned 0.22% of Palomar at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Palomar in the 1st quarter worth approximately $46,000. Jones Financial Companies Lllp lifted its position in shares of Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the period. NBC Securities Inc. acquired a new position in shares of Palomar in the 1st quarter worth approximately $53,000. Finally, USA Financial Formulas acquired a new position in shares of Palomar in the 1st quarter worth approximately $55,000. 90.25% of the stock is owned by institutional investors.

Palomar Trading Down 0.2%

PLMR opened at $153.38 on Friday. Palomar Holdings, Inc. has a 1-year low of $79.82 and a 1-year high of $175.85. The company has a market cap of $4.10 billion, a P/E ratio of 30.61 and a beta of 0.50. The company has a fifty day moving average price of $158.13 and a two-hundred day moving average price of $133.56.

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

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now owns 9,172 shares in the company, valued at approximately $1,320,768. This represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the transaction, the chief executive officer now owns 397,388 shares in the company, valued at approximately $57,784,189.08. The trade was a 1.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,702 shares of company stock valued at $3,486,574. Corporate insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PLMR shares. Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Evercore ISI boosted their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Jefferies Financial Group boosted their price target 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. Wall Street Zen upgraded shares of Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $164.33.

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.

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