Public Sector Pension Investment Board Increases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Public Sector Pension Investment Board increased its investment in Palomar Holdings by 27.6% during the first quarter, owning 84,169 shares valued at approximately $11.5 million.
• Institutional investors collectively own 90.25% of Palomar's stock, with significant stake increases from other firms such as Nisa Investment Advisors and TCTC Holdings.
• Palomar reported earnings of $1.76 per share for the recent quarter, exceeding analyst expectations, with a revenue growth of 47.6% year-over-year.

Public Sector Pension Investment Board grew its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 27.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 84,169 shares of the company's stock after purchasing an additional 18,230 shares during the quarter. Public Sector Pension Investment Board owned about 0.31% of Palomar worth $11,538,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in PLMR. Nisa Investment Advisors LLC raised its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Palomar in the first quarter valued at about $46,000. TCTC Holdings LLC increased its holdings in Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after purchasing an additional 205 shares during the last quarter. NBC Securities Inc. acquired a new position in Palomar in the first quarter valued at about $53,000. Finally, USA Financial Formulas acquired a new position in Palomar in the first quarter valued at about $55,000. Institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $143.10, for a total transaction of $71,550.00. Following the sale, the chief financial officer owned 6,920 shares of the company's stock, valued at $990,252. This trade represents a 6.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares of the company's stock, valued at approximately $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,294 shares of company stock worth $3,208,102. 3.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PLMR shares. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. 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 research report on Friday, August 8th. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, JPMorgan Chase & Co. reduced their price target on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Trading Down 0.3%

NASDAQ:PLMR traded down $0.34 on Friday, hitting $120.26. The company's stock had a trading volume of 308,976 shares, compared to its average volume of 466,490. The firm has a market capitalization of $3.22 billion, a P/E ratio of 21.14 and a beta of 0.44. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The stock has a fifty day moving average of $141.23 and a two-hundred day moving average of $140.12.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million for 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 company's revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. As a group, sell-side analysts anticipate 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.