Measured Wealth Private Client Group LLC Takes $459,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Measured Wealth Private Client Group LLC has invested approximately $459,000 in Palomar Holdings, purchasing 3,348 shares during the first quarter.
• Insider trading revealed that CEO Mac Armstrong sold 5,000 shares, cashing in approximately $700,500, while insider Timothy Carter reduced their stake by about 56.71%.
• Palomar reported a 47.6% increase in revenue year-over-year, reaching $496.29 million for the quarter, surpassing analyst estimates.

Measured Wealth Private Client Group LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,348 shares of the company's stock, valued at approximately $459,000.

Other hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar during the first quarter worth about $46,000. TCTC Holdings LLC raised its position in shares of 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 buying an additional 205 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Palomar during the first quarter valued at approximately $53,000. Finally, USA Financial Formulas acquired a new stake in Palomar during the first quarter worth approximately $55,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

PLMR has been the subject of several analyst reports. 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 note on Monday. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Truist Financial raised their target price 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. Piper Sandler dropped their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Stock Up 0.1%

Shares of PLMR stock traded up $0.13 during mid-day trading on Wednesday, reaching $123.18. The company's stock had a trading volume of 134,124 shares, compared to its average volume of 294,203. The company's 50 day simple moving average is $144.07 and its 200-day simple moving average is $140.07. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The firm has a market capitalization of $3.30 billion, a PE ratio of 21.81 and a beta of 0.44.

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

Insider Transactions at Palomar

In related news, insider Timothy Carter sold 473 shares of the firm's stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider directly owned 361 shares in the company, valued at $55,467.65. This trade represents a 56.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the transaction, the chief financial officer directly owned 7,420 shares of the company's stock, valued at $1,177,479.80. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,294 shares of company stock worth $3,208,102 in the last quarter. Insiders own 3.70% of the company's stock.

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.