Artemis Investment Management LLP Boosts Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Artemis Investment Management LLP grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 18.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 455,082 shares of the company’s stock after acquiring an additional 71,806 shares during the period. Artemis Investment Management LLP owned about 1.72% of Palomar worth $48,052,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar in the third quarter valued at $25,000. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares in the last quarter. Covestor Ltd grew its stake in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in Palomar by 152.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock valued at $143,000 after buying an additional 1,073 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares in the company, valued at $41,726,596.64. This represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Jon Christianson sold 819 shares of the business’s stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the sale, the president now owns 55,126 shares in the company, valued at $5,835,638.36. This trade represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,694 shares of company stock worth $2,632,377 in the last three months. 4.30% of the stock is owned by company insiders.

Palomar Stock Performance

Shares of PLMR opened at $110.37 on Friday. Palomar Holdings, Inc. has a 1 year low of $57.55 and a 1 year high of $112.90. The firm has a fifty day moving average of $106.51 and a 200-day moving average of $97.84. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 26.22 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the prior year, the firm earned $0.80 EPS. Analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Piper Sandler increased their target price on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Jefferies Financial Group boosted their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

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.