Petrus Trust Company LTA Takes $290,000 Position in Palomar Holdings, Inc. $PLMR

Key Points

• Petrus Trust Company LTA has acquired a new position in Palomar Holdings, Inc., purchasing 2,117 shares valued at approximately $290,000. This investment reflects confidence in the company amid increased institutional interest.
• Palomar's quarterly earnings report revealed an earnings per share (EPS) of $1.76, surpassing analysts' expectations of $1.68, with a significant revenue increase of 47.6% year-over-year.
• Insider trading activity included Director Richard H. Taketa purchasing 500 shares, while CFO T Christopher Uchida sold 500 shares, indicating mixed sentiment among company leaders regarding stock performance.

Petrus Trust Company LTA bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,117 shares of the company's stock, valued at approximately $290,000.

Other hedge funds have also modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of Palomar by 5.6% in the 1st quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock worth $113,656,000 after purchasing an additional 43,705 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Palomar by 4.2% in the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after buying an additional 25,138 shares during the last quarter. Driehaus Capital Management LLC lifted its position in shares of Palomar by 3.1% in the first quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock worth $76,649,000 after buying an additional 17,014 shares during the last quarter. Artemis Investment Management LLP lifted its position in shares of Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after buying an additional 77,472 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Palomar by 4.3% in the first quarter. Northern Trust Corp now owns 290,283 shares of the company's stock worth $39,792,000 after buying an additional 12,043 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

PLMR traded down $2.06 during mid-day trading on Friday, reaching $116.84. The stock had a trading volume of 303,323 shares, compared to its average volume of 294,616. The stock has a market capitalization of $3.13 billion, a P/E ratio of 20.53 and a beta of 0.34. The firm's fifty day simple moving average is $128.74 and its two-hundred day simple moving average is $141.14. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week 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 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The business's quarterly revenue was up 47.6% compared to the same quarter last year. During the same period last year, the company earned $1.25 EPS. As a group, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Transactions at Palomar

In other news, CFO T Christopher Uchida sold 782 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $93,941.66. Following the transaction, the chief financial officer owned 7,668 shares of the company's stock, valued at $921,156.84. This represents a 9.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. This trade represents a 58.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,878 shares of company stock worth $3,202,297. Corporate insiders own 3.70% of the company's stock.

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.