Navellier & Associates Inc. Takes $639,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Navellier & Associates Inc. acquired a new stake in Palomar Holdings, investing approximately $639,000 for 4,661 shares during the first quarter.
• Palomar Holdings reported earnings per share of $1.87 for the latest quarter, surpassing analyst expectations by $0.26, with revenue of $174.63 million.
• Analysts have set a consensus price target of $174.17 for Palomar, with several upgrades from firms like Evercore ISI and JPMorgan Chase & Co.

Navellier & Associates Inc. acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,661 shares of the company's stock, valued at approximately $639,000.

A number of other hedge funds have also made changes to their positions in the stock. Cetera Investment Advisers grew its position in shares of Palomar by 12.9% in the first quarter. Cetera Investment Advisers now owns 7,078 shares of the company's stock valued at $970,000 after purchasing an additional 811 shares during the last quarter. Legato Capital Management LLC grew its position in shares of Palomar by 275.3% in the first quarter. Legato Capital Management LLC now owns 22,216 shares of the company's stock valued at $3,045,000 after purchasing an additional 16,296 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Palomar by 29.2% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 69,178 shares of the company's stock valued at $9,483,000 after purchasing an additional 15,654 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Palomar in the first quarter valued at about $2,374,000. Finally, Horizon Investment Services LLC grew its position in shares of Palomar by 22.5% in the first quarter. Horizon Investment Services LLC now owns 9,833 shares of the company's stock valued at $1,348,000 after purchasing an additional 1,805 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In other news, insider Timothy Carter sold 473 shares of Palomar stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the transaction, the insider owned 361 shares in the company, valued at approximately $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the transaction, the chief executive officer owned 392,388 shares of the company's stock, valued at $63,551,160.48. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,164 shares of company stock worth $3,061,089. Insiders own 3.70% of the company's stock.

Palomar Stock Up 0.6%

PLMR traded up $0.75 during midday trading on Friday, reaching $132.52. 322,896 shares of the company's stock were exchanged, compared to its average volume of 319,102. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 26.45 and a beta of 0.46. Palomar Holdings, Inc. has a one year low of $82.54 and a one year high of $175.85. The business has a 50-day simple moving average of $153.65 and a two-hundred day simple moving average of $138.72.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter last year, the company earned $1.09 earnings per share. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Evercore ISI raised their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Piper Sandler raised their price target on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Truist Financial increased their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday, June 30th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

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.