NBW Capital LLC Trims 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 position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 23.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,781 shares of the company's stock after selling 21,556 shares during the quarter. Palomar comprises 2.1% of NBW Capital LLC's investment portfolio, making the stock its 14th biggest holding. NBW Capital LLC owned about 0.26% of Palomar worth $9,566,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after buying an additional 122,057 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Palomar in the fourth quarter valued at approximately $11,774,000. GAMMA Investing LLC boosted its stake in shares of Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after buying an additional 99,433 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Palomar by 211.8% in the fourth 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. raised its holdings in Palomar by 714.5% during the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after purchasing an additional 93,352 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $140.10, for a total value of $700,500.00. Following the sale, the chief executive officer directly owned 382,388 shares in the company, valued at $53,572,558.80. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the sale, the chief operating officer owned 807 shares in the company, valued at $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,294 shares of company stock valued at $3,208,102 over the last three months. Insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Jefferies Financial Group lifted their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Evercore ISI lifted their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Piper Sandler reduced their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday. 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 report on Friday. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $164.50.

Palomar Trading Down 2.0%

Shares of NASDAQ:PLMR traded down $2.51 on Friday, hitting $120.38. The company had a trading volume of 396,482 shares, compared to its average volume of 460,510. Palomar Holdings, Inc. has a 52-week low of $85.00 and a 52-week high of $175.85. The business has a 50 day moving average of $146.19 and a 200 day moving average of $139.80. The company has a market cap of $3.22 billion, a PE ratio of 21.16 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $173.86 million. During the same period in the prior year, the business earned $1.25 earnings per share. The business's revenue was up 47.6% on a year-over-year basis. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current 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.