Novem Group Takes $817,000 Position in Palomar Holdings, Inc. $PLMR

Key Points

• Novem Group has made a significant investment in Palomar Holdings, acquiring 5,295 shares valued at approximately $817,000 in Q2 as per their SEC filing.
• A variety of institutional investors, including American Century Companies and Westfield Capital Management, have also increased their stakes in Palomar, highlighting strong institutional support for the company.
• Palomar recently reported earnings of $1.76 per share, exceeding analyst predictions, with quarterly revenue up 47.6% from the previous year.

Novem Group acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,295 shares of the company's stock, valued at approximately $817,000.

A number of other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. boosted its stake in shares of Palomar by 5.6% during the first quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock valued at $113,656,000 after purchasing an additional 43,705 shares during the period. Westfield Capital Management Co. LP boosted its stake in shares of Palomar by 4.2% during the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after purchasing an additional 25,138 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Palomar by 3.1% during the first quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock valued at $76,649,000 after purchasing an additional 17,014 shares during the period. Artemis Investment Management LLP boosted its stake 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 valued at $73,003,000 after purchasing an additional 77,472 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Palomar by 4.3% during the first quarter. Northern Trust Corp now owns 290,283 shares of the company's stock valued at $39,792,000 after purchasing an additional 12,043 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In other news, President Jon Christianson sold 521 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the transaction, the president directly owned 59,036 shares in the company, valued at $7,091,994.68. This trade represents a 0.87% 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, Director Richard H. Taketa purchased 500 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $121.14 per share, with a total value of $60,570.00. Following the completion of the acquisition, the director directly owned 44,226 shares of the company's stock, valued at approximately $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 21,905 shares of company stock valued at $2,839,676 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

Palomar Trading Up 0.7%

PLMR opened at $115.23 on Friday. The stock has a fifty day simple moving average of $123.06 and a two-hundred day simple moving average of $140.35. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 20.25 and a beta of 0.34. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85.

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

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent analyst reports. Evercore ISI upped their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, Keefe, Bruyette & Woods decreased their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and a consensus target price of $165.83.

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.

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