Nicholas Investment Partners LP Boosts Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Nicholas Investment Partners LP grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,310 shares of the company’s stock after buying an additional 1,872 shares during the quarter. Nicholas Investment Partners LP’s holdings in Palomar were worth $4,995,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Blue Trust Inc. purchased a new stake in Palomar in the fourth quarter worth $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after purchasing an additional 349 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after buying an additional 191 shares during the period. Farther Finance Advisors LLC lifted its holdings in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after buying an additional 99 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after buying an additional 324 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $145.41, for a total transaction of $727,050.00. Following the sale, the chief executive officer now directly owns 397,388 shares of the company’s stock, valued at approximately $57,784,189.08. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 552 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total value of $68,039.52. Following the sale, the chief financial officer now owns 15,683 shares in the company, valued at $1,933,086.58. This trade represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,254 shares of company stock worth $2,443,484. 3.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PLMR has been the topic of a number of research reports. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, April 11th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial raised their price target on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.33.

Palomar Price Performance

Shares of PLMR stock opened at $155.68 on Wednesday. The company has a market cap of $4.16 billion, a P/E ratio of 34.75 and a beta of 0.51. The stock’s 50-day moving average is $142.13 and its 200 day moving average is $120.13. Palomar Holdings, Inc. has a 1-year low of $77.28 and a 1-year high of $165.00.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. During the same quarter in the prior year, the business posted $1.09 EPS. On average, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

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.