Xponance Inc. Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Xponance Inc. purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,970 shares of the company's stock, valued at approximately $270,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after purchasing an additional 210,523 shares during the period. Norges Bank acquired a new position in shares of Palomar during the fourth quarter valued at about $20,637,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after buying an additional 122,057 shares during the last quarter. Freestone Grove Partners LP acquired a new position in shares of Palomar during the fourth quarter valued at about $11,774,000. Finally, GAMMA Investing LLC grew its holdings 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 valued at $13,680,000 after buying an additional 99,433 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the transaction, the chief financial officer directly owned 7,420 shares in the company, valued at $1,177,479.80. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total value of $809,800.00. Following the sale, the chief executive officer directly owned 392,388 shares in the company, valued at $63,551,160.48. The trade was a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,164 shares of company stock valued at $3,087,639. Insiders own 3.70% of the company's stock.

Palomar Stock Performance

Palomar stock opened at $139.56 on Friday. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 27.86 and a beta of 0.46. Palomar Holdings, Inc. has a fifty-two week low of $82.55 and a fifty-two week high of $175.85. The stock's fifty day moving average is $155.74 and its two-hundred day moving average is $137.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The company had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same period last year, the business posted $1.09 EPS. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and raised their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Evercore ISI lifted their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research report on Monday, June 30th. Jefferies Financial Group lifted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $174.17.

Palomar Profile

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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