Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Palomar Holdings by 1.2% during the first quarter, now holding approximately 9.51% of the company with a value of $348.67 million.
• Palomar's latest earnings showed a strong performance, with $1.76 earnings per share for the quarter, surpassing analysts' expectations and reflecting a 47.6% increase in revenue year-over-year.
• Insider selling has been noted, with CFO T. Christopher Uchida and COO Rodolphe Herve both reducing their holdings, totaling 21,294 shares sold over the last 90 days.

Vanguard Group Inc. decreased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,543,526 shares of the company's stock after selling 31,397 shares during the quarter. Vanguard Group Inc. owned approximately 9.51% of Palomar worth $348,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP lifted its position in Palomar by 4.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after acquiring an additional 25,138 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Artemis Investment Management LLP raised its position in shares of Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after purchasing an additional 77,472 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Palomar by 39.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after purchasing an additional 122,057 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Palomar by 17.8% in the 4th quarter. Northern Trust Corp now owns 278,240 shares of the company's stock valued at $29,379,000 after acquiring an additional 42,133 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Price Performance

Shares of Palomar stock opened at $120.26 on Friday. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 21.14 and a beta of 0.44. Palomar Holdings, Inc. has a 52-week low of $85.00 and a 52-week high of $175.85. The stock has a 50-day simple moving average of $141.23 and a 200-day simple moving average of $140.34.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data 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. Palomar had a return on equity of 20.35% and a net margin of 22.71%. The business had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. During the same period last year, the business earned $1.25 EPS. The firm's revenue was up 47.6% compared to the same quarter last year. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the transaction, the chief financial officer directly owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This trade represents a 6.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Rodolphe Herve sold 1,130 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,294 shares of company stock valued at $3,208,102 over the last 90 days. 3.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PLMR. Evercore ISI boosted their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler lowered their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. lowered their price target on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. 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 report on Friday, August 8th. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and an average target price 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.

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