Counterpoint Mutual Funds LLC Makes New Investment in Palomar Holdings, Inc. $PLMR

Counterpoint Mutual Funds LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 14,857 shares of the company’s stock, valued at approximately $2,292,000. Palomar makes up about 0.2% of Counterpoint Mutual Funds LLC’s holdings, making the stock its 29th biggest position. Counterpoint Mutual Funds LLC owned approximately 0.06% of Palomar at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PLMR. Tidal Investments LLC bought a new stake in Palomar during the 4th quarter worth about $616,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Palomar by 30.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company’s stock worth $6,854,000 after buying an additional 14,965 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Palomar during the 4th quarter worth about $5,652,000. California State Teachers Retirement System lifted its position in Palomar by 3.8% during the 4th quarter. California State Teachers Retirement System now owns 24,444 shares of the company’s stock worth $2,581,000 after buying an additional 899 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Palomar by 27,543.8% during the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock worth $13,680,000 after purchasing an additional 99,433 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares of the company’s stock, valued at $871,557.12. The trade was a 6.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard H. Taketa purchased 500 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the acquisition, the director owned 44,226 shares in the company, valued at $5,357,537.64. This trade represents a 1.14% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 17,378 shares of company stock worth $2,332,252. Company insiders own 3.70% of the company’s stock.

Palomar Stock Up 0.6%

NASDAQ PLMR opened at $116.54 on Tuesday. The company has a market capitalization of $3.12 billion, a P/E ratio of 20.48 and a beta of 0.34. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The firm has a 50-day moving average price of $125.12 and a two-hundred day moving average price of $140.88.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 EPS. Equities analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PLMR shares. Piper Sandler lowered their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Evercore ISI boosted their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research note on Friday, May 30th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $165.83.

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.