Westfield Capital Management Co. LP Boosts Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Westfield Capital Management Co. LP raised its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 460,545 shares of the company’s stock after purchasing an additional 27,199 shares during the period. Westfield Capital Management Co. LP owned about 1.86% of Palomar worth $25,560,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd lifted its stake in shares of Palomar by 174.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after buying an additional 12,157 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Palomar by 375,455.6% during the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock worth $1,876,000 after purchasing an additional 33,791 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of Palomar by 0.9% during the third quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock worth $1,397,000 after purchasing an additional 256 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Palomar by 3.7% in 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 period. Finally, Handelsbanken Fonder AB increased its stake in Palomar by 72.9% in the fourth 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 last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 0.1 %

Shares of Palomar stock traded up $0.07 during trading hours on Friday, hitting $81.74. 92,276 shares of the company’s stock traded hands, compared to its average volume of 178,870. Palomar Holdings, Inc. has a twelve month low of $46.67 and a twelve month high of $89.22. The company has a market cap of $2.04 billion, a PE ratio of 23.49 and a beta of 0.24. The stock has a 50 day simple moving average of $81.30 and a 200-day simple moving average of $69.52.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.28. The company had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. Palomar’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 EPS. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 4.03 EPS for the current year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the completion of the transaction, the chief executive officer now directly owns 461,388 shares in the company, valued at $38,221,381.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.84, for a total value of $579,880.00. Following the completion of the sale, the chief executive officer now directly owns 461,388 shares of the company’s stock, valued at $38,221,381.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas A. Bradley acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average cost of $74.30 per share, for a total transaction of $111,450.00. Following the completion of the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The disclosure for this purchase can be found here. In the last three months, insiders sold 47,750 shares of company stock valued at $3,844,755. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PLMR shares. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $79.00 to $85.00 in a research note on Monday, April 8th. Evercore ISI raised their price objective on Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. Piper Sandler boosted their target price on Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and lifted their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Three 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 has a consensus rating of “Moderate Buy” and a consensus target price of $89.17.

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.