Palomar Holdings, Inc. $PLMR Shares Bought by Livforsakringsbolaget Skandia Omsesidigt

Key Points

• Livforsakringsbolaget Skandia Omsesidigt significantly increased its stake in Palomar Holdings, boosting its position by 296.4% to own 33,300 shares valued at approximately $5.1 million.
• Several other institutional investors, including Nuveen LLC and Bessemer Group Inc., also made substantial investments in Palomar during the first quarter, indicating a strong interest in the company's stock among hedge funds.
• Palomar Holdings recently reported earnings of $1.76 per share, exceeding the consensus estimate of $1.68, with revenue showing a notable year-over-year increase of 47.6% to $496.29 million.

Livforsakringsbolaget Skandia Omsesidigt boosted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 296.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,300 shares of the company's stock after purchasing an additional 24,900 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt owned about 0.12% of Palomar worth $5,137,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PLMR. Deutsche Bank AG grew its holdings in shares of Palomar by 156.0% during the 4th quarter. Deutsche Bank AG now owns 38,319 shares of the company's stock worth $4,046,000 after purchasing an additional 23,352 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Palomar by 9.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,636 shares of the company's stock worth $1,545,000 after buying an additional 1,239 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Palomar by 1.3% during the 4th quarter. Nuveen Asset Management LLC now owns 173,135 shares of the company's stock worth $18,281,000 after buying an additional 2,171 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Palomar by 51.0% during the 4th quarter. ProShare Advisors LLC now owns 7,765 shares of the company's stock worth $820,000 after buying an additional 2,624 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its position in shares of Palomar by 3.0% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 15,750 shares of the company's stock worth $1,663,000 after buying an additional 462 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $33,756.53. Following the transaction, the insider directly owned 21,210 shares of the company's stock, valued at $2,547,957.30. This represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the transaction, the chief financial officer directly owned 7,168 shares in the company, valued at $871,557.12. The trade was a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,378 shares of company stock worth $3,122,952 over the last three months. Corporate insiders own 3.70% of the company's stock.

Palomar Price Performance

PLMR stock traded down $1.93 during mid-day trading on Friday, hitting $115.84. 437,584 shares of the stock were exchanged, compared to its average volume of 290,665. The business has a fifty day moving average price of $125.62 and a 200 day moving average price of $140.76. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 20.36 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The company had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.Palomar's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods dropped their price objective on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Evercore ISI increased their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. dropped their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Finally, Piper Sandler dropped their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average target price of $165.83.

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.