Russell Investments Group Ltd. Has $3.94 Million Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Russell Investments Group Ltd. increased its stake in Palomar Holdings by 95.6% in the first quarter, holding approximately 0.11% of the company valued at $3.94 million after purchasing an additional 14,037 shares.
• Palomar reported strong quarterly earnings, with $1.76 EPS beating estimates and a revenue of $496.29 million, reflecting a year-over-year increase of 47.6%.
• Insider trading activity includes CEO Mac Armstrong selling 5,000 shares at an average price of $126.56, reducing his ownership by 1.31%, while insiders have sold a total of $3.2 million in shares over the last 90 days.

Russell Investments Group Ltd. increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 95.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,723 shares of the company's stock after buying an additional 14,037 shares during the quarter. Russell Investments Group Ltd. owned about 0.11% of Palomar worth $3,937,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. KBC Group NV grew its position in shares of Palomar by 9.1% during the first quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after acquiring an additional 95 shares during the last quarter. Hohimer Wealth Management LLC grew its position in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock worth $359,000 after purchasing an additional 99 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock worth $325,000 after purchasing an additional 190 shares during the last quarter. LPL Financial LLC grew its position in Palomar by 6.7% in the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company's stock worth $325,000 after purchasing an additional 194 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Palomar Trading Up 2.8%

PLMR stock traded up $3.41 during trading hours on Wednesday, hitting $125.34. 139,316 shares of the stock traded hands, compared to its average volume of 295,585. The stock has a 50-day simple moving average of $136.06 and a 200 day simple moving average of $141.06. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The company has a market cap of $3.36 billion, a P/E ratio of 22.03 and a beta of 0.44.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $173.86 million. During the same quarter last year, the business posted $1.25 earnings per share. The company's quarterly revenue was up 47.6% on a year-over-year basis. Analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction 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 directly owned 387,388 shares of the company's stock, valued at $61,261,538.32. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Jon Christianson sold 521 shares of the firm'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 sale, the president directly owned 59,036 shares of the company's stock, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,878 shares of company stock worth $3,202,297. Company insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of recent analyst reports. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods decreased their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note 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 for the company in a research report on Monday, August 11th. Finally, Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. 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 data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and an average 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.