Martingale Asset Management L P Buys 5,905 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Martingale Asset Management L P increased its stake in Palomar Holdings, Inc. by 61.5% in the first quarter, owning about 0.06% of the company valued at approximately $2.1 million.
• Several institutional investors also increased their holdings in Palomar, with notable increases including a 185.3% raise by Nisa Investment Advisors LLC and a new stake from Opal Wealth Advisors LLC valued at around $46,000.
• Palomar recently reported an EPS of $1.76 for the quarter, exceeding consensus estimates of $1.68, while also showing a 47.6% revenue increase compared to the previous year.

Martingale Asset Management L P boosted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 61.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,514 shares of the company's stock after purchasing an additional 5,905 shares during the period. Martingale Asset Management L P owned 0.06% of Palomar worth $2,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Palomar in the first quarter valued at approximately $46,000. TCTC Holdings LLC boosted its holdings in Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after acquiring an additional 205 shares during the last quarter. NBC Securities Inc. bought a new stake in Palomar in the first quarter valued at approximately $53,000. Finally, USA Financial Formulas bought a new stake in Palomar in the first quarter valued at approximately $55,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Analyst Ratings Changes

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

Insider Transactions at Palomar

In related news, Director Richard H. Taketa acquired 500 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the purchase, the director owned 44,226 shares of the company's stock, valued at $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 7,168 shares of the company's stock, valued at $871,557.12. The trade was a 6.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,878 shares of company stock worth $3,202,297. Corporate insiders own 3.70% of the company's stock.

Palomar Stock Up 1.6%

PLMR traded up $1.91 during trading on Wednesday, hitting $123.84. 220,578 shares of the company traded hands, compared to its average volume of 295,780. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The stock's fifty day moving average is $136.06 and its 200 day moving average is $141.06. The firm has a market cap of $3.32 billion, a P/E ratio of 21.76 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.68 by $0.08. The business had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm's revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 EPS. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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.