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

Picton Mahoney Asset Management acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,945 shares of the company’s stock, valued at approximately $108,000.

A number of other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in Palomar during the 3rd quarter worth about $346,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Palomar by 17.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,443 shares of the company’s stock valued at $378,000 after buying an additional 1,116 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Palomar by 32.3% in the 3rd quarter. Victory Capital Management Inc. now owns 9,747 shares of the company’s stock worth $495,000 after buying an additional 2,379 shares during the period. Los Angeles Capital Management LLC raised its position in Palomar by 0.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock worth $1,397,000 after buying an additional 256 shares during the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new stake in Palomar during the 3rd quarter valued at approximately $741,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI increased their price objective on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Jefferies Financial Group raised Palomar from a “hold” rating to a “buy” rating and boosted their price objective for the company from $78.00 to $88.00 in a report on Thursday, March 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Finally, Keefe, Bruyette & Woods upped their price objective on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and an average target price of $89.17.

Palomar Trading Down 0.8 %

Shares of PLMR opened at $84.07 on Friday. The firm has a market cap of $2.10 billion, a P/E ratio of 24.16 and a beta of 0.24. The stock’s 50 day moving average is $79.59 and its two-hundred day moving average is $67.01. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.81 by $0.28. The company had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm’s revenue was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 EPS. Equities research analysts forecast that Palomar Holdings, Inc. will post 3.84 EPS for the current year.

Insider Transactions at Palomar

In other news, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction on Tuesday, May 7th. The stock was acquired at an average price of $84.32 per share, with a total value of $84,320.00. Following the completion of the acquisition, the director now directly owns 2,500 shares of the company’s stock, valued at $210,800. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Palomar news, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average cost of $84.32 per share, for a total transaction of $84,320.00. Following the completion of the transaction, the director now owns 2,500 shares of the company’s stock, valued at approximately $210,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at approximately $37,485,091.64. The disclosure for this sale can be found here. Insiders sold 42,250 shares of company stock valued at $3,305,655 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

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.