Lisanti Capital Growth LLC Invests $7.93 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

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

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after buying an additional 53,123 shares during the period. American Century Companies Inc. boosted its stake in Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after acquiring an additional 210,523 shares in the last quarter. Geode Capital Management LLC grew its holdings in Palomar by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after purchasing an additional 18,748 shares during the period. Dimensional Fund Advisors LP grew 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 worth $59,313,000 after purchasing an additional 17,320 shares during the period. Finally, Artemis Investment Management LLP increased 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 purchasing an additional 77,472 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price objective 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. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Evercore ISI raised 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. Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Stock Performance

PLMR traded down $5.14 during midday trading on Wednesday, reaching $143.65. 504,017 shares of the company were exchanged, compared to its average volume of 214,786. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 28.67 and a beta of 0.46. Palomar Holdings, Inc. has a one year low of $79.82 and a one year high of $175.85. The company's fifty day moving average price is $158.35 and its 200 day moving average price is $134.14.

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

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the transaction, the chief executive officer owned 387,388 shares in the company, valued at $61,261,538.32. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total value of $79,345.00. Following the sale, the chief financial officer directly owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,702 shares of company stock valued at $3,347,574. 3.70% of the stock is currently owned by corporate insiders.

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.