Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Holdings Lifted by Algert Global LLC

Algert Global LLC raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 9.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,085 shares of the company’s stock after purchasing an additional 3,398 shares during the period. Algert Global LLC’s holdings in Palomar were worth $3,890,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. raised its position in Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after acquiring an additional 167,435 shares in the last quarter. F M Investments LLC acquired a new position in shares of Palomar during the 2nd quarter worth $11,946,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Palomar by 214.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after purchasing an additional 112,996 shares during the last quarter. Artemis Investment Management LLP boosted its holdings in Palomar by 36.1% in the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after purchasing an additional 90,010 shares in the last quarter. Finally, Atlas Capital Advisors LLC increased its position in Palomar by 167.7% during the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock worth $11,141,000 after buying an additional 86,000 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

NASDAQ:PLMR opened at $109.03 on Tuesday. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $110.98. The company has a fifty day moving average price of $97.48 and a 200 day moving average price of $91.37. The stock has a market cap of $2.89 billion, a P/E ratio of 25.90 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLMR. Truist Financial boosted their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Piper Sandler upped their target price on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI raised their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Insiders Place Their Bets

In related news, President Jon Christianson sold 2,195 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the sale, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,326 shares of company stock worth $3,632,779. 4.30% of the stock is currently owned by company insiders.

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.