Palomar Holdings, Inc. $PLMR Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC reduced its stake in Palomar Holdings by 17.8% during the first quarter, selling 45,731 shares and holding approximately 0.79% of the company with a valuation of $28.89 million.
• Palomar's latest quarterly earnings revealed an EPS of $1.76, exceeding expectations, with a revenue of $496.29 million, marking a 47.6% increase year-over-year.
• Insider trading showed mixed activity, with Director Richard H. Taketa buying 500 shares but CFO T. Christopher Uchida selling the same number, indicating varied confidence among executives.

Fred Alger Management LLC lessened its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 210,765 shares of the company's stock after selling 45,731 shares during the period. Fred Alger Management LLC owned about 0.79% of Palomar worth $28,892,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PLMR. Northern Trust Corp lifted its position in shares of Palomar by 17.8% during 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. Captrust Financial Advisors lifted its position in shares of Palomar by 36.9% during the 4th quarter. Captrust Financial Advisors now owns 7,505 shares of the company's stock valued at $792,000 after acquiring an additional 2,024 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Palomar by 156.0% during the 4th quarter. Deutsche Bank AG now owns 38,319 shares of the company's stock valued at $4,046,000 after acquiring an additional 23,352 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Palomar by 211.8% during the 4th 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, Lighthouse Investment Partners LLC acquired a new stake in shares of Palomar during the 4th quarter valued at $3,396,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Stock Down 2.4%

PLMR opened at $123.21 on Monday. The stock has a fifty day moving average of $130.95 and a 200-day moving average of $141.44. The firm has a market capitalization of $3.30 billion, a P/E ratio of 21.65 and a beta of 0.34. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $173.86 million. During the same period last year, the company earned $1.25 earnings per share. Palomar's quarterly revenue was up 47.6% compared to the same quarter last year. On average, analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, Director Richard H. Taketa acquired 500 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was acquired at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the acquisition, the director owned 44,226 shares in the company, valued at approximately $5,357,537.64. The trade was a 1.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total value of $60,795.00. Following the sale, the chief financial officer owned 7,168 shares of the company's stock, valued at approximately $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,878 shares of company stock valued at $3,202,297 in the last quarter. Corporate insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of recent research reports. Piper Sandler cut their price objective on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. reduced their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Keefe, Bruyette & Woods reduced their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $165.83.

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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