Systematic Alpha Investments LLC Acquires New Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Systematic Alpha Investments LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,000 shares of the company’s stock, valued at approximately $211,000.

Several other hedge funds also recently modified their holdings of the business. Atlas Capital Advisors Inc. grew its position in Palomar by 175.5% during the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock worth $14,918,000 after buying an additional 90,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock valued at $65,358,000 after purchasing an additional 18,748 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Palomar by 15.1% during the fourth quarter. Alliancebernstein L.P. now owns 30,157 shares of the company’s stock worth $3,184,000 after purchasing an additional 3,955 shares during the last quarter. Horizon Investment Services LLC raised its holdings in shares of Palomar by 139.6% in the fourth quarter. Horizon Investment Services LLC now owns 8,028 shares of the company’s stock valued at $848,000 after buying an additional 4,678 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Palomar during the fourth quarter worth approximately $246,000. 90.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 2,791 shares of the firm’s stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $283,816.79. Following the completion of the sale, the chief executive officer now directly owns 62,639 shares in the company, valued at approximately $6,369,759.91. This trade represents a 4.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the sale, the chief financial officer now owns 16,943 shares in the company, valued at $1,722,933.67. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,097 shares of company stock valued at $3,271,422. 4.30% of the stock is currently owned by corporate insiders.

Palomar Price Performance

NASDAQ:PLMR opened at $143.10 on Friday. The firm’s fifty day moving average price is $123.54 and its two-hundred day moving average price is $109.31. Palomar Holdings, Inc. has a one year low of $74.09 and a one year high of $143.77. The company has a market cap of $3.82 billion, a P/E ratio of 31.94 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PLMR shares. Truist Financial increased their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler lifted their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Three equities research 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $127.83.

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.