Palomar Holdings, Inc. $PLMR Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC reduced its stake in Palomar Holdings by 5.9%, selling 2,636 shares and now owning approximately 41,948 shares valued at $5.75 million.
• Palomar Holdings reported a 47.6% increase in quarterly revenue year-over-year, reaching $496.29 million, with an EPS of $1.76 that exceeded analyst estimates.
• Wall Street analysts have adjusted their target prices for Palomar Holdings, with Keefe, Bruyette & Woods now at $172.00, while the stock maintains a consensus rating of "Moderate Buy."

Algert Global LLC lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,948 shares of the company's stock after selling 2,636 shares during the period. Algert Global LLC owned 0.16% of Palomar worth $5,750,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PLMR. Cambridge Investment Research Advisors Inc. bought a new stake in Palomar during the 1st quarter valued at $276,000. Principal Financial Group Inc. increased its holdings in shares of Palomar by 2.5% during the first quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock valued at $20,732,000 after purchasing an additional 3,697 shares during the period. Informed Momentum Co LLC bought a new stake in shares of Palomar during the first quarter valued at about $4,894,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in Palomar in the first quarter worth about $6,943,000. Finally, Penserra Capital Management LLC acquired a new stake in Palomar in the first quarter worth about $1,327,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR stock opened at $120.53 on Tuesday. The firm has a market cap of $3.23 billion, a PE ratio of 21.18 and a beta of 0.44. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The firm has a 50 day simple moving average of $140.39 and a 200 day simple moving average of $140.66.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The company had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%. The company's quarterly revenue was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 EPS. As a group, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on PLMR. Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Evercore ISI increased their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler dropped their target price 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. cut their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Three equities 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, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.83.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the completion of the sale, the chief executive officer directly owned 382,388 shares of the company's stock, valued at approximately $53,572,558.80. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $130.10, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 21,294 shares of company stock valued at $3,208,102. 3.70% of the stock is currently owned by company insiders.

Palomar 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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