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

Penserra Capital Management LLC bought a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,683 shares of the company's stock, valued at approximately $1,327,000.

Several other large investors also recently added to or reduced their stakes in PLMR. Smartleaf Asset Management LLC grew its position 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 buying an additional 349 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Palomar by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock worth $25,360,000 after purchasing an additional 9,624 shares during the period. Arizona State Retirement System boosted its position in shares of Palomar by 5.7% in the fourth quarter. Arizona State Retirement System now owns 7,585 shares of the company's stock worth $801,000 after purchasing an additional 408 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Palomar in the fourth quarter worth approximately $3,064,000. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler upped their price target on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Truist Financial upped their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group upped their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research report on Monday, June 30th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and an average price target of $174.17.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total value of $809,800.00. Following the transaction, the chief executive officer owned 392,388 shares of the company's stock, valued at $63,551,160.48. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Timothy Carter sold 473 shares of the firm's stock in a transaction dated Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the transaction, the insider directly owned 361 shares in the company, valued at $55,467.65. This represents a 56.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,175 shares of company stock valued at $3,276,251 in the last 90 days. Company insiders own 3.70% of the company's stock.

Palomar Price Performance

Shares of PLMR traded down $6.03 during midday trading on Thursday, hitting $138.43. The stock had a trading volume of 69,219 shares, compared to its average volume of 218,053. Palomar Holdings, Inc. has a 1 year low of $80.71 and a 1 year high of $175.85. The firm has a market cap of $3.70 billion, a PE ratio of 27.63 and a beta of 0.46. The stock's 50 day moving average is $157.82 and its 200 day moving average is $135.50.

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

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.