New Vernon Investment Management LLC Takes Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

New Vernon Investment Management LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 8,820 shares of the company’s stock, valued at approximately $835,000. Palomar accounts for approximately 0.9% of New Vernon Investment Management LLC’s holdings, making the stock its 29th largest position.

Several other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Palomar by 91.7% in the 3rd quarter. Janus Henderson Group PLC now owns 45,025 shares of the company’s stock valued at $4,260,000 after buying an additional 21,537 shares during the period. HighTower Advisors LLC acquired a new position in shares of Palomar in the 3rd quarter worth approximately $1,711,000. Centiva Capital LP acquired a new position in shares of Palomar in the 3rd quarter worth approximately $352,000. PDT Partners LLC lifted its holdings in shares of Palomar by 84.9% in the 3rd quarter. PDT Partners LLC now owns 5,816 shares of the company’s stock worth $551,000 after acquiring an additional 2,671 shares during the last quarter. Finally, Martingale Asset Management L P lifted its holdings in shares of Palomar by 45.4% in the 3rd quarter. Martingale Asset Management L P now owns 9,609 shares of the company’s stock worth $910,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of PLMR traded down $0.61 during midday trading on Tuesday, reaching $108.42. The stock had a trading volume of 6,377 shares, compared to its average volume of 162,500. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $111.27. The company’s fifty day simple moving average is $98.70 and its two-hundred day simple moving average is $92.24. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 25.90 and a beta of 0.36.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period last year, the business earned $0.80 EPS. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler upped their price objective on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Truist Financial upped their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Jefferies Financial Group increased their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Evercore ISI increased their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now owns 440,388 shares in the company, valued at $42,052,650.12. This trade represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,326 shares of company stock worth $3,632,779 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.