Quantbot Technologies LP Acquires 10,374 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Quantbot Technologies LP increased its stake in Palomar Holdings, Inc. by 72.5%, owning a total of 24,692 shares valued at approximately $3.39 million as of the latest reporting period.
• Palomar's recent quarterly earnings showed earnings per share (EPS) of $1.76, exceeding analysts' estimates of $1.68 and marking a 47.6% increase in revenue year-over-year.
• Insider transactions included CEO Mac Armstrong selling 5,000 shares at an average price of $140.10, reducing his ownership by 1.29%.

Quantbot Technologies LP raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 72.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,692 shares of the company's stock after acquiring an additional 10,374 shares during the quarter. Quantbot Technologies LP owned about 0.09% of Palomar worth $3,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Northern Trust Corp increased its holdings 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 purchasing an additional 12,043 shares during the period. American Century Companies Inc. increased its holdings in shares of Palomar by 5.6% in the first 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 period. Fox Run Management L.L.C. bought a new position in shares of Palomar in the first quarter worth $666,000. Cookson Peirce & Co. Inc. increased its holdings in shares of Palomar by 18.9% in the first quarter. Cookson Peirce & Co. Inc. now owns 7,727 shares of the company's stock worth $1,059,000 after purchasing an additional 1,230 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of Palomar by 95.6% in the first quarter. Russell Investments Group Ltd. now owns 28,723 shares of the company's stock worth $3,937,000 after purchasing an additional 14,037 shares during the period. Institutional investors own 90.25% of the company's stock.

Palomar Price Performance

PLMR stock traded down $1.82 during trading on Friday, reaching $125.05. The company had a trading volume of 360,967 shares, compared to its average volume of 449,509. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The company has a market cap of $3.35 billion, a P/E ratio of 21.98 and a beta of 0.44. The business has a 50 day moving average of $137.61 and a 200 day moving average of $140.68.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $173.86 million. During the same period in the prior year, the firm earned $1.25 earnings per share. Palomar's revenue was up 47.6% on a year-over-year basis. Research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Buying and Selling at Palomar

In related news, CFO T Christopher Uchida sold 782 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $93,941.66. Following the sale, the chief financial officer owned 7,668 shares in the company, valued at approximately $921,156.84. This trade represents a 9.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was 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 owned 387,388 shares in the company, valued at $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,878 shares of company stock valued at $3,202,297. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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