Conestoga Capital Advisors, an asset management company, released its “Micro-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Investors are optimistic about the US economy which is heading for a softer landing, and moderating inflation. In the first quarter, the strategy rose 4.93% net-of-fees but trailed the Russell Micro Cap Growth Index’s return of 6.60%. Stock selection negatively impacted the performance but was partially offset by sector allocation. Stock selection in the Industrials and healthcare sectors detracted while Financials and Telecommunications sectors contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Micro-Cap Strategy highlighted stocks like Palomar Holdings, Inc. (NASDAQ:PLMR), in the first quarter 2024 investor letter. Palomar Holdings, Inc. (NASDAQ:PLMR), with a market capitalization of $2.064 billion, is a specialty insurance company. One-month return of Palomar Holdings, Inc. (NASDAQ:PLMR) was 2.03%, and its shares gained 69.67% of their value over the last 52 weeks. On May 22, 2024, Palomar Holdings, Inc. (NASDAQ:PLMR) stock closed at $82.80 per share.
Conestoga Capital Advisors Micro-Cap Strategy stated the following regarding Palomar Holdings, Inc. (NASDAQ:PLMR) in its first quarter 2024 investor letter:
“Palomar Holdings, Inc. (NASDAQ:PLMR): PLMR is a technology driven insurer focused on specialty insurance in markets they view as underserved, such as earthquake, hurricane, inland marine, and flood. PLMR’s results exceeded expectations during 2023 after experiencing greater than expected casualty losses in late 2022 that led the management team to pivot their underwriting to markets that would create better earnings visibility and stability. Results have also benefited from a strong pricing market in insurance and reinsurance pricing that has moderated from peak levels.”
A real estate investment banker sitting in a plush office, reviewing financials and papers.
Palomar Holdings, Inc.’s (NASDAQ:PLMR) trailing 12 months revenue is $405.26 million. Year over year quarterly revenue growth rate of the company is 32.90%, and year over year quarterly earnings growth rate is 52.40%. The adjusted net income of Palomar Holdings, Inc. (NASDAQ:PLMR) in the first quarter was $27.8 million or $1.09 per share compared to adjusted net income of $20.4 million or $0.80 per share for the first quarter 2023 according to latest earnings call.
Palomar Holdings, Inc. (NASDAQ:PLMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Palomar Holdings, Inc. (NASDAQ:PLMR) at the end of the first quarter which was 19 in the previous quarter.
In another article, we discussed Palomar Holdings, Inc. (NASDAQ:PLMR) and shared the list of best-performing stocks insiders are buying in 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
