King Luther Capital Management Corp Grows Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

King Luther Capital Management Corp increased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.8% in the second quarter, HoldingsChannel.com reports. The fund owned 87,559 shares of the company’s stock after acquiring an additional 3,171 shares during the period. King Luther Capital Management Corp’s holdings in Palomar were worth $7,105,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in Palomar by 2.4% in the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock worth $565,000 after purchasing an additional 164 shares in the last quarter. CWM LLC raised its stake in Palomar by 15.7% during the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after acquiring an additional 217 shares during the period. Covestor Ltd boosted its holdings in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after buying an additional 266 shares during the period. Conestoga Capital Advisors LLC grew its holdings in Palomar by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after buying an additional 270 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in Palomar by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after acquiring an additional 280 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

NASDAQ:PLMR opened at $95.01 on Friday. The firm has a market capitalization of $2.38 billion, a P/E ratio of 27.30 and a beta of 0.34. The company’s fifty day moving average price is $93.54 and its 200-day moving average price is $85.54. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $100.29.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.72 earnings per share. Equities analysts anticipate that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PLMR shares. Truist Financial increased their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Evercore ISI raised their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Piper Sandler raised their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods boosted their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now directly owns 51,926 shares in the company, valued at approximately $4,901,814.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the sale, the chief financial officer now owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The disclosure for this sale can be found here. Insiders sold 41,500 shares of company stock valued at $3,795,836 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

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.