Seven Grand Managers LLC Invests $2.37 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

Seven Grand Managers LLC purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 25,000 shares of the company’s stock, valued at approximately $2,367,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC acquired a new position in Palomar during the 1st quarter worth $602,000. Picton Mahoney Asset Management raised its position in shares of Palomar by 1,940.6% during the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after acquiring an additional 37,745 shares during the last quarter. Quadrature Capital Ltd lifted its stake in shares of Palomar by 155.9% during the first quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock valued at $1,906,000 after acquiring an additional 13,873 shares during the period. Driehaus Capital Management LLC boosted its holdings in Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after acquiring an additional 43,841 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after acquiring an additional 167,435 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PLMR. JPMorgan Chase & Co. boosted their price objective on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Piper Sandler boosted their price target on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Truist Financial raised their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group increased their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $105.50.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $98.02 on Thursday. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $103.40. The stock has a market cap of $2.44 billion, a P/E ratio of 28.17 and a beta of 0.33. The firm has a 50 day moving average price of $95.60 and a 200 day moving average price of $87.66.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. The company had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm’s revenue was up 47.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.72 EPS. Analysts predict that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now owns 51,926 shares of the company’s stock, valued at $5,350,455.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Palomar news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total value of $312,798.85. Following the transaction, the chief executive officer now owns 50,312 shares of the company’s stock, valued at approximately $4,941,141.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 3,805 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at $5,350,455.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,520 shares of company stock valued at $2,952,526. Company 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.