NBW Capital LLC Lowers Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• NBW Capital LLC reduced its investment in Palomar Holdings, Inc. by 23.6% in the first quarter, owning approximately $9.57 million worth of shares after selling 21,556 shares.
• Palomar Holdings reported an earnings per share (EPS) of $1.76 for the last quarter, exceeding analyst expectations, and its revenue increased by 47.6% year-over-year.
• Several analysts have revised their price targets for Palomar, with a consensus rating of "Moderate Buy" and a target price of $169.83.

NBW Capital LLC lessened its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 23.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,781 shares of the company's stock after selling 21,556 shares during the quarter. Palomar accounts for 2.1% of NBW Capital LLC's investment portfolio, making the stock its 14th largest position. NBW Capital LLC owned approximately 0.26% of Palomar worth $9,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Palomar by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after purchasing an additional 18,748 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after purchasing an additional 25,138 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Palomar by 39.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after purchasing an additional 122,057 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Price Performance

PLMR stock traded up $0.28 on Tuesday, reaching $121.92. The company's stock had a trading volume of 169,142 shares, compared to its average volume of 294,436. The company has a market capitalization of $3.26 billion, a P/E ratio of 21.47 and a beta of 0.44. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The firm has a fifty day moving average of $145.11 and a two-hundred day moving average of $140.19.

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

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of research analyst reports. Evercore ISI increased their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Truist Financial lifted their price target on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Finally, Piper Sandler lowered their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $165.83.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the transaction, the chief financial officer owned 6,920 shares in the company, valued at $990,252. This represents a 6.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $53,572,558.80. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,294 shares of company stock valued at $3,208,102. Corporate insiders own 3.70% of the company's stock.

About Palomar

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.