Livforsakringsbolaget Skandia Omsesidigt Boosts Stock Position in Palomar Holdings, Inc. $PLMR

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of PLMR. Nuveen LLC purchased a new position in shares of Palomar in the 1st quarter worth about $26,084,000. GAMMA Investing LLC boosted its holdings in Palomar by 27,543.8% during the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 shares during the period. Alliancebernstein L.P. boosted its holdings in Palomar by 322.4% during the 1st quarter. Alliancebernstein L.P. now owns 127,383 shares of the company's stock valued at $17,462,000 after acquiring an additional 97,226 shares during the period. Bessemer Group Inc. boosted its holdings in Palomar by 714.5% during the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after acquiring an additional 93,352 shares during the period. Finally, Artemis Investment Management LLP boosted its holdings in Palomar by 17.0% during the 1st 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 period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 521 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the transaction, the president owned 59,036 shares of the company's stock, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred 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 directly owned 387,388 shares of the company's stock, valued at $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,878 shares of company stock worth $3,202,297. 3.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PLMR. Evercore ISI increased their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler dropped their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a 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 report on Friday, August 8th. Finally, JPMorgan Chase & Co. dropped their price objective on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Stock Performance

NASDAQ PLMR opened at $115.79 on Tuesday. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The stock has a 50 day simple moving average of $127.57 and a two-hundred day simple moving average of $141.28. The stock has a market cap of $3.10 billion, a P/E ratio of 20.35 and a beta of 0.34.

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, topping the consensus estimate of $1.68 by $0.08. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the prior year, the company earned $1.25 EPS. The business's revenue was up 47.6% compared to the same quarter last year. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.

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