New Vernon Investment Management LLC Buys 2,328 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• New Vernon Investment Management LLC increased its stake in Palomar Holdings, Inc. by 13.3%, making it the fund's 10th largest position with approximately $2.72 million invested.
• Several institutional investors made significant adjustments to their holdings in Palomar during the first quarter, with Nisa Investment Advisors LLC increasing its stake by 185.3%.
• Analyst ratings for Palomar have varied, with target prices being adjusted by multiple firms, resulting in an average target price of $165.83 and a current average rating of "Moderate Buy."

New Vernon Investment Management LLC increased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 13.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,845 shares of the company's stock after purchasing an additional 2,328 shares during the period. Palomar accounts for 3.6% of New Vernon Investment Management LLC's holdings, making the stock its 10th biggest holding. New Vernon Investment Management LLC owned about 0.07% of Palomar worth $2,720,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PLMR. Nuveen LLC bought a new position in shares of Palomar during the first quarter valued at approximately $26,084,000. Freestone Grove Partners LP purchased a new stake in Palomar during the fourth quarter valued at approximately $11,774,000. GAMMA Investing LLC lifted its position in Palomar by 27,543.8% during the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 shares during the last quarter. Janus Henderson Group PLC lifted its position in Palomar by 211.8% during the fourth quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock valued at $14,830,000 after acquiring an additional 95,359 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in Palomar by 714.5% during the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after acquiring an additional 93,352 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Palomar news, COO Rodolphe Herve sold 1,130 shares of Palomar stock in a transaction 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 owned 807 shares of the company's stock, valued at approximately $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the transaction, the chief executive officer directly owned 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 22,878 shares of company stock valued at $3,202,297 in the last ninety days. Company insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Piper Sandler decreased their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their price target on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, Evercore ISI increased 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. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $165.83.

Palomar Stock Down 0.6%

Shares of NASDAQ:PLMR traded down $0.75 during midday trading on Tuesday, reaching $122.27. The company's stock had a trading volume of 177,020 shares, compared to its average volume of 294,312. The firm has a market capitalization of $3.27 billion, a PE ratio of 21.49 and a beta of 0.34. The stock has a fifty day moving average of $132.66 and a 200 day moving average of $141.31. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last released 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 net margin of 22.71% and a return on equity of 20.35%. The company had revenue of $496.29 million during the quarter, compared to analysts' expectations of $173.86 million. During the same quarter in the previous year, the company earned $1.25 earnings per share. The firm's revenue for the quarter was up 47.6% on a year-over-year basis. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal 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.