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

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV lifted its position in shares of Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after acquiring an additional 95 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after acquiring an additional 99 shares during the period. Avantax Advisory Services Inc. lifted its position in shares of Palomar by 2.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock valued at $616,000 after acquiring an additional 145 shares during the period. Covestor Ltd lifted its position in shares of Palomar by 13.8% during the 4th quarter. Covestor Ltd now owns 1,224 shares of the company's stock valued at $129,000 after acquiring an additional 148 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Palomar by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after acquiring an additional 190 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Price Performance

PLMR stock traded down $5.85 during midday trading on Thursday, hitting $138.60. The stock had a trading volume of 275,161 shares, compared to its average volume of 219,269. The firm has a market cap of $3.71 billion, a PE ratio of 27.66 and a beta of 0.46. Palomar Holdings, Inc. has a 12-month low of $81.37 and a 12-month high of $175.85. The company's 50-day moving average price is $157.82 and its 200 day moving average price is $135.50.

Palomar (NASDAQ:PLMR - Get Free Report) last released its 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 firm 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 period in the previous year, the company earned $1.09 EPS. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company's stock, valued at $61,261,538.32. The trade was a 1.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Timothy Carter sold 473 shares of the business'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 directly owned 361 shares of the company's stock, valued at $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,175 shares of company stock valued at $3,276,251. Company insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PLMR. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Truist Financial raised their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Jefferies Financial Group raised their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Finally, Piper Sandler raised their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $174.17.

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.