Trexquant Investment LP Makes New Investment in Palomar Holdings, Inc. $PLMR

Key Points

• Trexquant Investment LP has acquired a new stake in Palomar Holdings, purchasing 4,313 shares valued at approximately $591,000 in the 1st quarter.
• Institutional investors collectively own 90.25% of Palomar Holdings, indicating strong interest from large financial entities.
• Palomar reported a 47.6% increase in revenue year-over-year and exceeded analysts' EPS estimates, reporting $1.76 for the last quarter.

Trexquant Investment LP acquired 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 fund acquired 4,313 shares of the company's stock, valued at approximately $591,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. KBC Group NV raised its stake in Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after acquiring an additional 95 shares during the period. Hohimer Wealth Management LLC raised its stake in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after acquiring an additional 99 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after acquiring an additional 190 shares during the period. Nisa Investment Advisors LLC raised its stake in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Palomar by 3.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,369 shares of the company's stock valued at $736,000 after acquiring an additional 204 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Palomar Trading Down 1.7%

Shares of NASDAQ PLMR traded down $2.06 during midday trading on Friday, hitting $116.84. 303,323 shares of the company's stock were exchanged, compared to its average volume of 261,615. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 20.53 and a beta of 0.34. The business's fifty day moving average price is $128.16 and its two-hundred day moving average price is $141.10.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS 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 company had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the previous year, the firm earned $1.25 earnings per share. Palomar's revenue was up 47.6% on a year-over-year basis. Equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard H. Taketa bought 500 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the purchase, the director owned 44,226 shares of the company's stock, valued at $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 22,878 shares of company stock valued at $3,202,297 in the last ninety days. 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.