Bessemer Group Inc. Purchases 2,521 Shares of Palomar Holdings, Inc. $PLMR

Bessemer Group Inc. increased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,938 shares of the company’s stock after purchasing an additional 2,521 shares during the period. Bessemer Group Inc. owned 0.41% of Palomar worth $16,805,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in shares of Palomar during the 2nd quarter valued at $214,000. Cookson Peirce & Co. Inc. raised its holdings in Palomar by 8.1% during the second quarter. Cookson Peirce & Co. Inc. now owns 8,351 shares of the company’s stock valued at $1,288,000 after acquiring an additional 624 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Palomar by 152.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock valued at $274,000 after acquiring an additional 1,073 shares during the period. New York State Teachers Retirement System raised its holdings in Palomar by 1.0% during the second quarter. New York State Teachers Retirement System now owns 22,667 shares of the company’s stock valued at $3,496,000 after acquiring an additional 225 shares during the period. Finally, TD Asset Management Inc bought a new stake in Palomar during the 2nd quarter valued at approximately $1,000,000. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Finally, Evercore ISI reduced their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $156.67.

Insider Buying and Selling at Palomar

In other Palomar news, COO Rodolphe Herve sold 1,130 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $130.10, for a total transaction of $147,013.00. Following the transaction, the chief operating officer owned 807 shares in the company, valued at $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00. Following the transaction, the chief executive officer owned 372,388 shares in the company, valued at $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 21,432 shares of company stock valued at $2,561,154. Insiders own 3.70% of the company’s stock.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $112.76 on Wednesday. The business’s 50 day moving average is $118.04 and its two-hundred day moving average is $137.41. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The stock has a market capitalization of $3.02 billion, a P/E ratio of 19.82 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last released its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The firm had revenue of $65.74 million for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

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.