Formula Growth Ltd. Invests $1.25 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

Formula Growth Ltd. purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,809 shares of the company's stock, valued at approximately $1,247,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Freedom Investment Management Inc. bought a new stake in shares of Palomar during the 4th quarter valued at $252,000. CANADA LIFE ASSURANCE Co boosted its stake in Palomar by 1.9% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 28,829 shares of the company's stock worth $3,041,000 after acquiring an additional 551 shares in the last quarter. Jump Financial LLC grew its holdings in Palomar by 146.1% in the fourth quarter. Jump Financial LLC now owns 6,885 shares of the company's stock worth $727,000 after purchasing an additional 4,087 shares during the period. Barclays PLC increased its stake in shares of Palomar by 1.8% during the fourth quarter. Barclays PLC now owns 73,123 shares of the company's stock valued at $7,722,000 after purchasing an additional 1,320 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of Palomar by 11.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,691 shares of the company's stock valued at $284,000 after purchasing an additional 267 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent research reports. Truist Financial lifted their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and raised their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Piper Sandler upped their price objective on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, February 14th. Finally, Jefferies Financial Group lifted their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $148.33.

Palomar Stock Performance

Shares of PLMR stock traded down $1.07 on Thursday, reaching $150.93. The stock had a trading volume of 82,574 shares, compared to its average volume of 186,097. The stock has a market cap of $4.03 billion, a P/E ratio of 33.69 and a beta of 0.46. Palomar Holdings, Inc. has a 1 year low of $77.17 and a 1 year high of $155.87. The company has a 50 day simple moving average of $134.22 and a 200 day simple moving average of $114.46.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, insider Angela L. Grant sold 717 shares of the business's stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.70, for a total transaction of $72,918.90. Following the completion of the sale, the insider now owns 2,951 shares of the company's stock, valued at $300,116.70. The trade was a 19.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 3,202 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the sale, the chief executive officer now owns 70,186 shares of the company's stock, valued at $10,741,265.44. This trade represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,615 shares of company stock valued at $3,633,369. Insiders own 4.30% of the company's stock.

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.