Swiss National Bank Purchases 1,000 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Swiss National Bank increased its stake in Palomar Holdings, Inc. (NASDAQ:PLMR – Get Rating) by 1.7% in the 4th quarter, Holdings Channel reports. The fund owned 60,900 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Swiss National Bank’s holdings in Palomar were worth $2,750,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its position in Palomar by 4.1% in the fourth quarter. Arizona State Retirement System now owns 7,123 shares of the company’s stock worth $322,000 after acquiring an additional 280 shares in the last quarter. Duality Advisers LP purchased a new position in Palomar in the fourth quarter worth $602,000. Emerald Mutual Fund Advisers Trust grew its position in Palomar by 2.1% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 418,157 shares of the company’s stock worth $18,884,000 after acquiring an additional 8,597 shares in the last quarter. Emerald Advisers LLC grew its position in Palomar by 7.2% in the fourth quarter. Emerald Advisers LLC now owns 535,334 shares of the company’s stock worth $24,176,000 after acquiring an additional 35,846 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its position in Palomar by 1.9% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 185,163 shares of the company’s stock worth $8,362,000 after acquiring an additional 3,390 shares in the last quarter. 90.30% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

NASDAQ PLMR opened at $51.48 on Wednesday. The stock has a market cap of $1.28 billion, a P/E ratio of 23.94 and a beta of 0.04. Palomar Holdings, Inc. has a fifty-two week low of $43.63 and a fifty-two week high of $95.20. The stock has a 50 day simple moving average of $52.39 and a two-hundred day simple moving average of $53.94.

Palomar (NASDAQ:PLMR – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. Palomar had a net margin of 16.25% and a return on equity of 17.61%. The business had revenue of $83.94 million for the quarter, compared to the consensus estimate of $88.35 million. During the same period in the previous year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. Sell-side analysts predict that Palomar Holdings, Inc. will post 3.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research reports. Evercore ISI upped their target price on shares of Palomar from $52.00 to $57.00 and gave the stock an “in-line” rating in a research report on Thursday, April 13th. Barclays upped their price target on shares of Palomar from $59.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday, April 5th. Keefe, Bruyette & Woods upgraded shares of Palomar from a “market perform” rating to an “outperform” rating and upped their price target for the company from $59.00 to $64.00 in a research report on Monday, May 15th. Jefferies Financial Group upped their price target on shares of Palomar from $54.00 to $58.00 and gave the company a “hold” rating in a research report on Monday, April 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Palomar from $75.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, March 31st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.43.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $55.00, for a total transaction of $55,000.00. Following the transaction, the chief financial officer now owns 25,108 shares in the company, valued at approximately $1,380,940. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $55.00, for a total transaction of $55,000.00. Following the sale, the chief financial officer now owns 25,108 shares in the company, valued at approximately $1,380,940. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Jon Christianson sold 4,000 shares of the stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $60.00, for a total transaction of $240,000.00. Following the completion of the transaction, the president now owns 82,249 shares of the company’s stock, valued at $4,934,940. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Palomar Company Profile

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Palomar Holdings, Inc operates as an insurance holding company. The firm focuses on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington and states with exposure to the New Madrid Seismic Zone. It offers property and casualty insurance.