Intech Investment Management LLC Increases Stake in Palomar Holdings, Inc. $PLMR

Intech Investment Management LLC raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 6.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,323 shares of the company’s stock after buying an additional 1,317 shares during the period. Intech Investment Management LLC owned about 0.08% of Palomar worth $2,786,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. KBC Group NV boosted its position in shares of Palomar by 9.1% in the first quarter. KBC Group NV now owns 1,140 shares of the company’s stock worth $156,000 after purchasing an additional 95 shares during the period. Hohimer Wealth Management LLC boosted its position in shares of Palomar by 3.9% in the first quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company’s stock worth $359,000 after purchasing an additional 99 shares during the period. Evergreen Capital Management LLC boosted its position in shares of Palomar by 5.8% in the first quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company’s stock worth $305,000 after purchasing an additional 122 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock worth $325,000 after purchasing an additional 190 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after purchasing an additional 202 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palomar

In other news, COO Rodolphe Herve sold 1,130 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the sale, the chief operating officer owned 807 shares of the company’s stock, valued at approximately $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares in the company, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,878 shares of company stock valued at $3,202,297 over the last ninety days. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on PLMR shares. Evercore ISI upped their price target 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. Piper Sandler dropped their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $165.83.

Palomar Stock Down 1.7%

PLMR stock opened at $116.84 on Monday. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The company has a fifty day simple moving average of $128.16 and a two-hundred day simple moving average of $141.37. The firm has a market capitalization of $3.13 billion, a P/E ratio of 20.53 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same quarter last year, the business earned $1.25 earnings per share. Palomar’s quarterly revenue was up 47.6% compared to the same quarter last year. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

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.