Penserra Capital Management LLC Invests $1.33 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

Penserra Capital Management LLC acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,683 shares of the company's stock, valued at approximately $1,327,000.

A number of other institutional investors also recently added to or reduced their stakes in PLMR. Smartleaf Asset Management LLC boosted its holdings in Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Palomar by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock worth $25,360,000 after acquiring an additional 9,624 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Palomar by 5.7% in the 4th quarter. Arizona State Retirement System now owns 7,585 shares of the company's stock worth $801,000 after acquiring an additional 408 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Palomar in the 4th quarter worth approximately $3,064,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their target price on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday, June 30th. Evercore ISI boosted their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Truist Financial boosted their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Finally, Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Three 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, Palomar has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Stock Down 2.6%

NASDAQ:PLMR traded down $3.59 during trading hours on Friday, hitting $135.01. 274,530 shares of the stock were exchanged, compared to its average volume of 268,746. The company's 50 day moving average is $157.71 and its two-hundred day moving average is $135.75. The company has a market capitalization of $3.61 billion, a P/E ratio of 26.95 and a beta of 0.46. Palomar Holdings, Inc. has a twelve month low of $82.54 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter in the previous year, the company posted $1.09 EPS. On average, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the sale, the chief financial officer owned 7,420 shares in the company, valued at approximately $1,177,479.80. The trade was a 6.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Timothy Carter sold 473 shares of the company's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider owned 361 shares of the company's stock, valued at $55,467.65. The trade was a 56.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,175 shares of company stock worth $3,276,251. Insiders own 3.70% of the company's stock.

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.