Janus Henderson Group PLC Purchases 21,537 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Janus Henderson Group PLC lifted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 91.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,025 shares of the company’s stock after purchasing an additional 21,537 shares during the period. Janus Henderson Group PLC owned 0.17% of Palomar worth $4,260,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares during the period. Emerald Advisers LLC increased its position in Palomar by 1.9% during the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after acquiring an additional 8,601 shares during the period. Westfield Capital Management Co. LP raised its stake in Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in Palomar by 12.9% in the 3rd quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after purchasing an additional 43,812 shares during the period. Finally, Geneva Capital Management LLC grew its position in shares of Palomar by 0.3% during the 3rd quarter. Geneva Capital Management LLC now owns 340,763 shares of the company’s stock worth $32,260,000 after purchasing an additional 1,009 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group upped their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler increased their target price on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods boosted their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $111.67.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 3,805 shares of Palomar stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,326 shares of company stock worth $2,688,779. Corporate insiders own 4.30% of the company’s stock.

Palomar Stock Performance

Palomar stock opened at $105.68 on Wednesday. The stock has a fifty day moving average of $100.27 and a 200-day moving average of $93.30. The stock has a market capitalization of $2.80 billion, a P/E ratio of 25.10 and a beta of 0.36. Palomar Holdings, Inc. has a 52 week low of $54.50 and a 52 week high of $112.10.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The company had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period last year, the company posted $0.80 EPS. On average, research analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share 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.