Trexquant Investment LP Purchases Shares of 4,313 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 position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 also recently modified their holdings of PLMR. Nuveen LLC acquired a new position in shares of Palomar during the first quarter worth about $26,084,000. GAMMA Investing LLC grew its position in shares of Palomar by 27,543.8% during the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock worth $13,680,000 after buying an additional 99,433 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Palomar by 211.8% in the fourth quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock worth $14,830,000 after buying an additional 95,359 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after buying an additional 93,352 shares during the last quarter. Finally, Artemis Investment Management LLP increased its stake in shares of Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after buying an additional 77,472 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In other news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $33,756.53. Following the sale, the insider directly owned 21,210 shares in the company, valued at approximately $2,547,957.30. This represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total value of $60,795.00. Following the sale, the chief financial officer owned 7,168 shares in the company, valued at $871,557.12. The trade was a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,878 shares of company stock worth $3,202,297. Corporate insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

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

Palomar Stock Down 1.9%

Shares of NASDAQ:PLMR traded down $2.33 during trading on Wednesday, hitting $118.70. 480,233 shares of the company traded hands, compared to its average volume of 293,002. The business's fifty day moving average is $129.78 and its 200-day moving average is $141.33. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 20.86 and a beta of 0.34. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced 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. The business had revenue of $496.29 million for the quarter, compared to analysts' expectations of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The business's quarterly revenue was up 47.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

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.