Fred Alger Management LLC Sells 45,731 Shares of Palomar Holdings, Inc. $PLMR

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 reduced its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,765 shares of the company's stock after selling 45,731 shares during the period. Fred Alger Management LLC owned 0.79% of Palomar worth $28,892,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Palomar in the first quarter valued at about $314,000. Petrus Trust Company LTA acquired a new stake in Palomar during the first quarter worth about $290,000. NewEdge Advisors LLC acquired a new stake in Palomar during the first quarter worth about $66,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Palomar by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company's stock worth $2,115,000 after buying an additional 791 shares in the last quarter. Finally, Clark Capital Management Group Inc. acquired a new stake in Palomar during the first quarter worth about $6,883,000. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar 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 transaction, the chief executive officer owned 387,388 shares in the company, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard H. Taketa bought 500 shares of the business's stock in a transaction dated 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 purchase, the director directly owned 44,226 shares of the company's stock, valued at $5,357,537.64. The trade was a 1.14% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 22,878 shares of company stock valued at $3,202,297 in the last ninety days. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Performance

NASDAQ PLMR traded down $2.06 during trading on Friday, reaching $116.84. 303,323 shares of the company traded hands, compared to its average volume of 261,615. The stock's 50 day moving average price is $128.16 and its two-hundred day moving average price is $141.24. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 20.53 and a beta of 0.34. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year 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. The company had revenue of $496.29 million for 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% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. Equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Ratings Changes

PLMR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods decreased their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. decreased their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Evercore ISI lifted their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Finally, Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Five 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 company presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.83.

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.