American Century Companies Inc. Buys 43,705 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• American Century Companies Inc. increased its stake in Palomar Holdings by 5.6%, owning approximately 3.10% of the company after acquiring 43,705 additional shares.
• Palomar reported impressive quarterly results with an EPS of $1.76, exceeding estimates, and a revenue of $496.29 million, a 47.6% increase compared to the same quarter last year.
• Analysts have adjusted their price targets for Palomar, with consensus rating indicating a "Moderate Buy" and a target price of $165.83.

American Century Companies Inc. increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 829,124 shares of the company's stock after purchasing an additional 43,705 shares during the quarter. American Century Companies Inc. owned approximately 3.10% of Palomar worth $113,656,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PLMR. Fox Run Management L.L.C. purchased a new stake in Palomar in the 1st quarter worth approximately $666,000. Cookson Peirce & Co. Inc. increased its stake in shares of Palomar by 18.9% in the first quarter. Cookson Peirce & Co. Inc. now owns 7,727 shares of the company's stock worth $1,059,000 after acquiring an additional 1,230 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Palomar by 95.6% in the first quarter. Russell Investments Group Ltd. now owns 28,723 shares of the company's stock worth $3,937,000 after acquiring an additional 14,037 shares during the last quarter. Informed Momentum Co LLC purchased a new stake in shares of Palomar during the first quarter worth $4,894,000. Finally, HighTower Advisors LLC boosted its position in Palomar by 252.8% during the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company's stock valued at $1,538,000 after purchasing an additional 8,038 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Rodolphe Herve sold 1,130 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy Carter sold 473 shares of the firm's stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the sale, the insider directly owned 361 shares in the company, valued at $55,467.65. This trade represents a 56.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,794 shares of company stock worth $2,318,417. Insiders own 3.70% of the company's stock.

Palomar Price Performance

PLMR traded up $4.21 on Wednesday, hitting $125.07. The company had a trading volume of 233,793 shares, compared to its average volume of 295,129. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 21.98 and a beta of 0.44. The company's fifty day moving average price is $139.67 and its 200 day moving average price is $140.52. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Keefe, Bruyette & Woods lowered their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Evercore ISI boosted their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Piper Sandler dropped their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average price target of $165.83.

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.