Picton Mahoney Asset Management Invests $108,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Picton Mahoney Asset Management bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the 4th quarter, HoldingsChannel reports. The fund bought 1,945 shares of the company’s stock, valued at approximately $108,000.

Several other hedge funds have also recently added to or reduced their stakes in PLMR. Los Angeles Capital Management LLC lifted its position in shares of Palomar by 0.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after acquiring an additional 256 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Palomar by 26.0% during the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock worth $21,992,000 after purchasing an additional 89,410 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Palomar by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock valued at $9,940,000 after purchasing an additional 6,903 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Palomar by 72.9% in the 4th quarter. Handelsbanken Fonder AB now owns 7,280 shares of the company’s stock valued at $404,000 after purchasing an additional 3,070 shares during the period. Finally, Barclays PLC increased its stake in Palomar by 11.2% in the 3rd quarter. Barclays PLC now owns 15,059 shares of the company’s stock worth $764,000 after purchasing an additional 1,514 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $59.45, for a total transaction of $59,450.00. Following the transaction, the chief financial officer now owns 31,344 shares of the company’s stock, valued at $1,863,400.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $59.45, for a total transaction of $59,450.00. Following the transaction, the chief financial officer now directly owns 31,344 shares in the company, valued at $1,863,400.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $75.75, for a total value of $530,250.00. Following the completion of the sale, the chief executive officer now directly owns 482,388 shares of the company’s stock, valued at approximately $36,540,891. The disclosure for this sale can be found here. Insiders have sold a total of 42,250 shares of company stock valued at $3,305,655 in the last three months. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PLMR. Piper Sandler upped their price objective on shares of Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday. Evercore ISI upped their price target on shares of Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Truist Financial raised their target price on Palomar from $88.00 to $97.00 and gave the stock a “buy” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.17.

Palomar Stock Down 0.8 %

PLMR stock opened at $84.07 on Friday. The company has a 50 day moving average of $79.59 and a two-hundred day moving average of $67.01. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 24.16 and a beta of 0.24. Palomar Holdings, Inc. has a 12-month low of $46.09 and a 12-month high of $86.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. Palomar’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.80 earnings per share. On average, research analysts anticipate that Palomar Holdings, Inc. will post 3.84 EPS 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.