Price T Rowe Associates Inc. MD Sells 6,417 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Palomar Holdings, selling 6,417 shares, and now holds approximately 1.59% of the company, valued at $58.35 million.
• Palomar reported a 47.6% year-over-year revenue increase with earnings per share of $1.76, exceeding analysts' expectations of $1.68.
• Analysts have mixed ratings for Palomar, with a consensus rating of "Moderate Buy" and a target price of $165.83.

Price T Rowe Associates Inc. MD decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 425,643 shares of the company's stock after selling 6,417 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.59% of Palomar worth $58,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLMR. Raymond James Financial Inc. bought a new stake in shares of Palomar during the fourth quarter valued at approximately $3,064,000. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after acquiring an additional 17,320 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Palomar by 8.7% during the fourth quarter. MetLife Investment Management LLC now owns 15,354 shares of the company's stock valued at $1,621,000 after acquiring an additional 1,229 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Palomar by 168.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,383 shares of the company's stock valued at $252,000 after acquiring an additional 1,496 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Palomar by 44.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 108,913 shares of the company's stock valued at $11,500,000 after acquiring an additional 33,697 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

Palomar Stock Down 0.2%

Shares of NASDAQ:PLMR opened at $121.93 on Wednesday. The business's 50 day moving average is $136.06 and its 200 day moving average is $141.06. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 21.43 and a beta of 0.44.

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

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 782 shares of the business's 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 approximately $921,156.84. The trade was a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 521 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the transaction, the president directly owned 59,036 shares in the company, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,878 shares of company stock valued at $3,202,297. 3.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.

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