By otakuyassine3@gmail.com 
Orion Portfolio Solutions LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,329 shares of the company’s stock, valued at approximately $246,000.
A number of other institutional investors have also modified their holdings of PLMR. Pictet Asset Management Holding SA grew its holdings in Palomar by 46.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,968 shares of the company’s stock worth $419,000 after acquiring an additional 1,256 shares during the period. Norges Bank purchased a new stake in Palomar in the 4th quarter worth approximately $20,637,000. JPMorgan Chase & Co. grew its stake in shares of Palomar by 37.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company’s stock worth $18,643,000 after purchasing an additional 48,396 shares during the period. WINTON GROUP Ltd increased its holdings in shares of Palomar by 2.8% during the 4th quarter. WINTON GROUP Ltd now owns 12,643 shares of the company’s stock valued at $1,335,000 after purchasing an additional 347 shares in the last quarter. Finally, Sheets Smith Investment Management acquired a new position in shares of Palomar in the 4th quarter valued at $1,629,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.
Palomar Trading Down 0.1 %
Shares of Palomar stock opened at $142.99 on Friday. Palomar Holdings, Inc. has a twelve month low of $74.09 and a twelve month high of $145.81. The firm has a market capitalization of $3.81 billion, a PE ratio of 31.92 and a beta of 0.46. The firm’s 50-day moving average price is $127.63 and its 200 day moving average price is $111.26.
Palomar (NASDAQ:PLMR – Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts recently commented on PLMR shares. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $150.00 in a research note on Tuesday. Truist Financial upped their price target on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average price target of $134.50.
Get Our Latest Research Report on Palomar
Insider Buying and Selling at Palomar
In other news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This represents a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Jon Christianson sold 371 shares of the firm’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 $37,726.99. Following the completion of the transaction, the president now directly owns 55,771 shares in the company, valued at approximately $5,671,352.99. This represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,097 shares of company stock worth $3,415,422. Corporate insiders own 4.30% of the company’s stock.
About Palomar
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.
Further Reading
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