Intech Investment Management LLC Makes New $351,000 Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Intech Investment Management LLC acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,326 shares of the company’s stock, valued at approximately $351,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Hsbc Holdings PLC grew its stake in shares of Palomar by 43.1% during the 2nd quarter. Hsbc Holdings PLC now owns 12,889 shares of the company’s stock valued at $1,044,000 after buying an additional 3,879 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares during the last quarter. WINTON GROUP Ltd grew its position in Palomar by 4.5% during the second quarter. WINTON GROUP Ltd now owns 13,679 shares of the company’s stock valued at $1,110,000 after acquiring an additional 590 shares during the period. Envestnet Asset Management Inc. increased its stake in Palomar by 22.4% during the second quarter. Envestnet Asset Management Inc. now owns 30,870 shares of the company’s stock worth $2,505,000 after acquiring an additional 5,646 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Palomar by 73.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,872 shares of the company’s stock worth $395,000 after purchasing an additional 2,065 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 12,773 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the sale, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Mac Armstrong sold 12,773 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the completion of the sale, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The transaction 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 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $91.30, for a total transaction of $91,300.00. Following the transaction, the chief financial officer now directly owns 24,094 shares in the company, valued at approximately $2,199,782.20. The disclosure for this sale can be found here. Insiders have sold a total of 48,500 shares of company stock valued at $4,464,266 in the last three months. 4.30% of the stock is currently owned by company insiders.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $94.82 on Friday. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $100.29. The firm has a market cap of $2.36 billion, a P/E ratio of 27.34 and a beta of 0.34. The stock has a fifty day moving average price of $94.00 and a two-hundred day moving average price of $86.15.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.09 by $0.16. The business had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business’s quarterly revenue was up 47.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Palomar Company 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.