Moody Aldrich Partners LLC Makes New Investment in Palomar Holdings, Inc. $PLMR

Key Points

• Moody Aldrich Partners initiated a 53,499-share stake in Palomar Holdings valued at approximately $6.6 million, representing about 1.3% of its portfolio and 0.20% of Palomar’s shares.
• Institutional ownership remains high at 90.25%, with BlackRock and Jupiter Topco among firms that recently established positions, while several existing investors increased their holdings.
• Palomar reported quarterly EPS of $2.36, exceeding estimates by $0.17. Analysts maintain a consensus “Buy” rating with an average price target of $160, compared with the stock’s $136.44 opening price.

Moody Aldrich Partners LLC bought a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 53,499 shares of the company's stock, valued at approximately $6,596,000. Palomar comprises about 1.3% of Moody Aldrich Partners LLC's investment portfolio, making the stock its 12th biggest holding. Moody Aldrich Partners LLC owned approximately 0.20% of Palomar at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Palomar in the 2nd quarter worth about $556,348,000. Jupiter Topco LLC purchased a new stake in Palomar during the second quarter worth about $132,166,000. Janus Henderson Group PLC raised its position in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock worth $111,664,000 after acquiring an additional 138,368 shares during the period. Stephens Investment Management Group LLC raised its position in Palomar by 3.0% in the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock worth $85,432,000 after acquiring an additional 20,597 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Palomar by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 653,026 shares of the company's stock worth $78,037,000 after acquiring an additional 23,579 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the transaction, the chief executive officer directly owned 315,388 shares of the company's stock, valued at $43,621,314.28. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 296 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the sale, the insider owned 28,250 shares in the company, valued at $3,608,937.50. This trade represents a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 13,322 shares of company stock valued at $1,783,291. Insiders own 3.70% of the company's stock.

Palomar Stock Up 1.8%

Shares of NASDAQ PLMR opened at $136.44 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $3.59 billion, a PE ratio of 18.34 and a beta of 0.35. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $147.62. The business's fifty day moving average price is $132.83 and its 200-day moving average price is $126.32.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%. The company had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same quarter last year, the firm posted $1.76 EPS. On average, equities research analysts anticipate that Palomar Holdings, Inc. will post 9.27 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. JPMorgan Chase & Co. lowered their price target on shares of Palomar from $167.00 to $156.00 and set an "overweight" rating on the stock in a report on Friday, October 9th. Weiss Ratings raised shares of Palomar from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, October 16th. Finally, Piper Sandler upped their price objective on Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Palomar has a consensus rating of "Buy" and a consensus price target of $160.00.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers' compensation and other tailored insurance solutions.

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