Artemis Investment Management LLP Invests $20.90 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

Artemis Investment Management LLP purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 249,454 shares of the company’s stock, valued at approximately $20,904,000. Artemis Investment Management LLP owned 1.00% of Palomar at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Signaturefd LLC grew its holdings in shares of Palomar by 59.4% during the 4th quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares during the period. Atwood & Palmer Inc. boosted its holdings in Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the period. Picton Mahoney Asset Management purchased a new position in Palomar during the 4th quarter valued at about $108,000. AXS Investments LLC purchased a new position in Palomar during the 4th quarter valued at about $170,000. Finally, Everence Capital Management Inc. purchased a new position in Palomar during the 4th quarter valued at about $214,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of research analyst reports. Piper Sandler restated an “overweight” rating and set a $99.00 target price (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Evercore ISI lifted their price objective on Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a research note on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $88.00 in a research note on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.83.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now owns 57,761 shares of the company’s stock, valued at $4,407,164.30. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now owns 57,761 shares of the company’s stock, valued at $4,407,164.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total value of $76,300.00. Following the transaction, the chief financial officer now directly owns 25,344 shares in the company, valued at approximately $1,933,747.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,250 shares of company stock valued at $2,355,740. Corporate insiders own 4.30% of the company’s stock.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $81.15 on Friday. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $89.22. The firm has a market capitalization of $2.02 billion, a PE ratio of 23.32 and a beta of 0.32. The stock’s 50-day simple moving average is $82.41 and its 200-day simple moving average is $73.42.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter last year, the company earned $0.80 EPS. The business’s quarterly revenue was up 29.1% on a year-over-year basis. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.2 earnings per share for the current fiscal 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.