Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Purchased by Artemis Investment Management LLP

Artemis Investment Management LLP increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 532,554 shares of the company's stock after buying an additional 77,472 shares during the period. Palomar comprises 1.1% of Artemis Investment Management LLP's portfolio, making the stock its 24th largest holding. Artemis Investment Management LLP owned 1.99% of Palomar worth $73,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new stake in shares of Palomar in the fourth quarter valued at $26,000. Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of Palomar during the 1st quarter valued at about $46,000. Jones Financial Companies Lllp lifted its holdings in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the period. Finally, NBC Securities Inc. purchased a new position in shares of Palomar during the 1st quarter worth about $53,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR stock opened at $153.67 on Friday. The firm has a market capitalization of $4.11 billion, a P/E ratio of 30.67 and a beta of 0.50. Palomar Holdings, Inc. has a 52-week low of $78.67 and a 52-week high of $175.85. The company's 50 day simple moving average is $158.06 and its 200-day simple moving average is $133.06.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter last year, the business posted $1.09 EPS. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Activity

In other news, CEO Mac Armstrong sold 3,202 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares in the company, valued at approximately $10,741,265.44. This represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the chief financial officer now owns 9,172 shares of the company's stock, valued at $1,320,768. This trade represents a 9.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,702 shares of company stock valued at $3,486,574. 3.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PLMR shares. Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Evercore ISI boosted their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Truist Financial raised their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Wall Street Zen raised shares of Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $164.33.

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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