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 Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,348 shares of the company's stock, valued at approximately $459,000.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after acquiring an additional 122,057 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in Palomar in the 4th quarter worth approximately $11,774,000. GAMMA Investing LLC boosted its position in Palomar by 27,543.8% in the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock worth $13,680,000 after purchasing an additional 99,433 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Palomar by 211.8% during the 4th quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock valued at $14,830,000 after buying an additional 95,359 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of 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 buying an additional 93,352 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on PLMR shares. Keefe, Bruyette & Woods reduced their price objective on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday. JPMorgan Chase & Co. reduced their price objective on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday. Piper Sandler reduced their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Evercore ISI raised their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Finally, Truist Financial raised their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Palomar currently has a consensus rating of "Moderate Buy" and an average target price of $165.83.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $140.10, for a total transaction of $700,500.00. Following the sale, the chief executive officer owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. This trade represents a 1.29% 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, COO Rodolphe Herve sold 1,130 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the sale, the chief operating officer directly owned 807 shares in the company, valued at $104,990.70. This trade represents a 58.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,294 shares of company stock worth $3,208,102 over the last 90 days. Insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of PLMR traded up $1.26 during midday trading on Monday, hitting $121.64. The company had a trading volume of 326,297 shares, compared to its average volume of 466,599. The company's 50-day simple moving average is $145.11 and its 200-day simple moving average is $140.19. The firm has a market capitalization of $3.26 billion, a P/E ratio of 21.38 and a beta of 0.44. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.76 earnings per share 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 business had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same quarter last year, the company earned $1.25 EPS. The business's quarterly revenue was up 47.6% on a year-over-year basis. Equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

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.