Artemis Investment Management LLP Boosts Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Artemis Investment Management LLP lifted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 532,554 shares of the company's stock after buying an additional 77,472 shares during the period. Palomar makes up about 1.1% of Artemis Investment Management LLP's portfolio, making the stock its 24th largest position. Artemis Investment Management LLP owned approximately 1.99% of Palomar worth $73,003,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PLMR. Bessemer Group Inc. raised its stake in Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after buying an additional 93,352 shares during the last quarter. Spire Wealth Management acquired a new position in shares of Palomar during the first quarter valued at about $916,000. Yorktown Management & Research Co Inc acquired a new position in shares of Palomar during the first quarter valued at about $274,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Palomar in the 1st quarter valued at approximately $276,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Palomar in the 1st quarter worth approximately $46,000. Institutional investors own 90.25% of the company's stock.

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $153.04, for a total transaction of $76,520.00. Following the sale, the chief financial officer now directly owns 7,672 shares in the company, valued at $1,174,122.88. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the transaction, the chief executive officer now directly owns 387,388 shares of the company's stock, valued at $61,261,538.32. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,702 shares of company stock valued at $3,347,574 in the last 90 days. 3.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLMR. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday. Piper Sandler upped their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Truist Financial boosted their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Finally, Evercore ISI raised their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Palomar Trading Up 0.6%

PLMR traded up $0.92 during midday trading on Monday, hitting $154.30. 186,681 shares of the company were exchanged, compared to its average volume of 212,910. The company's 50 day simple moving average is $158.13 and its 200 day simple moving average is $133.73. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 30.80 and a beta of 0.50. Palomar Holdings, Inc. has a 1-year low of $79.82 and a 1-year high of $175.85.

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

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.