Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Acquired by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP increased its stake in Palomar Holdings, Inc. by 4.2% in Q1, holding 618,598 shares valued at approximately $84.8 million.
• Palomar reported earnings of $1.87 per share, exceeding analysts' estimates of $1.61, along with revenue of $174.63 million for the quarter.
• Institutional investors own 90.25% of Palomar's stock, indicating strong institutional interest and confidence in the company's performance.

Westfield Capital Management Co. LP grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 618,598 shares of the company's stock after buying an additional 25,138 shares during the quarter. Westfield Capital Management Co. LP owned 2.31% of Palomar worth $84,797,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. LPL Financial LLC grew its stake in Palomar by 6.7% during the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company's stock worth $325,000 after purchasing an additional 194 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Palomar by 37.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company's stock worth $18,643,000 after purchasing an additional 48,396 shares in the last quarter. Norges Bank acquired a new position in Palomar during the 4th quarter worth $20,637,000. Pictet Asset Management Holding SA grew its stake in Palomar by 46.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,968 shares of the company's stock worth $419,000 after purchasing an additional 1,256 shares in the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in Palomar during the 4th quarter worth $246,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $129.62 on Monday. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 25.87 and a beta of 0.44. The business has a 50-day moving average of $150.60 and a two-hundred day moving average of $139.62. Palomar Holdings, Inc. has a 1 year low of $82.54 and a 1 year high of $175.85.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Jefferies Financial Group boosted their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Evercore ISI boosted their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods decreased their price target on Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a report on Monday, June 30th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and an average target price of $174.17.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $140.10, for a total value of $700,500.00. Following the completion of the sale, the chief executive officer directly owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. The trade was a 1.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total value of $71,550.00. Following the completion of the sale, the chief financial officer directly owned 6,920 shares of the company's stock, valued at $990,252. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,164 shares of company stock valued at $3,061,089. Insiders own 3.70% of the company's stock.

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.

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