Driehaus Capital Management LLC Acquires 43,841 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Driehaus Capital Management LLC raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 17.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 300,213 shares of the company’s stock after acquiring an additional 43,841 shares during the period. Driehaus Capital Management LLC owned approximately 1.20% of Palomar worth $24,362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of Palomar during the 2nd quarter valued at $49,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar in the 1st quarter valued at $59,000. Advisors Asset Management Inc. grew its holdings in shares of Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after buying an additional 425 shares during the period. Atwood & Palmer Inc. grew its holdings in shares of Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares during the period. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Down 0.5 %

Shares of NASDAQ PLMR opened at $94.82 on Friday. The firm has a market cap of $2.37 billion, a PE ratio of 27.25 and a beta of 0.34. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $100.29. The company has a fifty day moving average price of $94.12 and a 200 day moving average price of $86.30.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter last year, the company earned $0.72 EPS. Palomar’s revenue for the quarter was up 47.0% compared to the same quarter last year. Equities research analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $88.00 to $91.00 and gave the company 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 company an “overweight” rating in a report on Wednesday, August 7th. Truist Financial boosted their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Evercore ISI upped their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $101.33.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares in the company, valued at approximately $42,052,650.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Mac Armstrong sold 7,000 shares of Palomar 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 of the company’s stock, valued at approximately $42,052,650.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the completion of the sale, the president now directly owns 51,761 shares in the company, valued at $4,728,367.35. The disclosure for this sale can be found here. Insiders sold a total of 48,500 shares of company stock worth $4,464,266 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Palomar Company 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.