Northern Trust Corp Has $39.79 Million Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Northern Trust Corp increased its shares in Palomar Holdings by 4.3% in Q1, now owning 1.09% of the company valued at approximately $39.8 million.
• A number of institutional investors, including GAMMA Investing LLC and Bessemer Group Inc., significantly raised their stakes in Palomar, highlighting strong interest among hedge funds.
• Palomar's shares recently opened at $124.11, with a 12-month range of $85.00 to $175.85, and the company reported a 47.6% year-over-year revenue increase to $496.29 million.

Northern Trust Corp boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 4.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 290,283 shares of the company's stock after purchasing an additional 12,043 shares during the quarter. Northern Trust Corp owned about 1.09% of Palomar worth $39,792,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PLMR. Dimensional Fund Advisors LP raised its holdings in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after purchasing an additional 17,320 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Palomar by 168.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,383 shares of the company's stock worth $252,000 after purchasing an additional 1,496 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Palomar by 44.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 108,913 shares of the company's stock worth $11,500,000 after purchasing an additional 33,697 shares during the last quarter. Lido Advisors LLC raised its holdings in Palomar by 32.8% during the 4th quarter. Lido Advisors LLC now owns 2,953 shares of the company's stock worth $312,000 after purchasing an additional 730 shares during the last quarter. Finally, Comerica Bank raised its holdings in Palomar by 25.7% during the 4th quarter. Comerica Bank now owns 48,020 shares of the company's stock worth $5,071,000 after purchasing an additional 9,804 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Palomar Price Performance

NASDAQ:PLMR traded up $0.88 during trading hours on Wednesday, reaching $123.15. 276,327 shares of the stock were exchanged, compared to its average volume of 421,475. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85. The firm has a 50 day moving average of $132.10 and a 200 day moving average of $141.18. The stock has a market cap of $3.30 billion, a PE ratio of 21.64 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping 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 firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the prior year, the firm posted $1.25 EPS. The business's revenue was up 47.6% on a year-over-year basis. Equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In other news, Director Richard H. Taketa purchased 500 shares of Palomar stock in a transaction on Monday, August 18th. The stock was purchased at an average price of $121.14 per share, with a total value of $60,570.00. Following the transaction, the director directly owned 44,226 shares in the company, valued at $5,357,537.64. The trade was a 1.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,878 shares of company stock worth $3,202,297. 3.70% of the stock is currently owned by insiders.

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.