Petrus Trust Company LTA Takes 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 purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,117 shares of the company's stock, valued at approximately $290,000.

Several other large investors have also modified their holdings of PLMR. Nisa Investment Advisors LLC grew its position in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Palomar in the first quarter valued at approximately $46,000. TCTC Holdings LLC grew its position in shares of Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after purchasing an additional 205 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Palomar in the first quarter valued at approximately $53,000. Finally, USA Financial Formulas acquired a new stake in shares of Palomar in the first quarter valued at approximately $55,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, President Jon Christianson sold 521 shares of Palomar stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the sale, the president owned 59,036 shares of the company's stock, valued at $7,091,994.68. The trade was a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $126.56, for a total transaction of $632,800.00. Following the transaction, the chief executive officer directly owned 377,388 shares of the company's stock, valued at approximately $47,762,225.28. This represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,878 shares of company stock worth $3,202,297 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Palomar Price Performance

NASDAQ:PLMR traded down $2.06 during trading hours on Friday, reaching $116.84. 303,323 shares of the company were exchanged, compared to its average volume of 261,334. The firm 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 52-week low of $85.00 and a 52-week high of $175.85. The stock has a 50 day simple moving average of $128.16 and a 200 day simple moving average of $141.37.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. During the same quarter last year, the firm posted $1.25 earnings per share. Palomar's revenue was up 47.6% on a year-over-year basis. On average, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on PLMR shares. Evercore ISI raised their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

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.