Raymond James & Associates Takes Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Raymond James & Associates purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,277 shares of the company’s stock, valued at approximately $293,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 26.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock worth $21,992,000 after purchasing an additional 89,410 shares during the period. Federated Hermes Inc. grew its stake in Palomar by 6.3% during the third quarter. Federated Hermes Inc. now owns 195,942 shares of the company’s stock worth $9,944,000 after buying an additional 11,570 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Palomar by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock worth $9,940,000 after acquiring an additional 6,903 shares in the last quarter. Algert Global LLC raised its stake in shares of Palomar by 8.4% in the 3rd quarter. Algert Global LLC now owns 51,446 shares of the company’s stock valued at $2,611,000 after acquiring an additional 4,000 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Palomar by 0.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company’s stock valued at $1,397,000 after acquiring an additional 256 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Stock Up 0.9 %

Shares of PLMR opened at $80.25 on Tuesday. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 25.72 and a beta of 0.21. The business’s 50 day moving average is $78.53 and its two-hundred day moving average is $65.53. Palomar Holdings, Inc. has a 52-week low of $46.09 and a 52-week high of $86.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.09. The firm had revenue of $102.35 million for the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. On average, equities analysts expect that Palomar Holdings, Inc. will post 3.84 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 1,541 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $59.19, for a total value of $91,211.79. Following the completion of the sale, the chief executive officer now directly owns 46,842 shares of the company’s stock, valued at $2,772,577.98. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Palomar news, CEO Mac Armstrong sold 1,541 shares of Palomar stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $59.19, for a total value of $91,211.79. Following the completion of the transaction, the chief executive officer now owns 46,842 shares of the company’s stock, valued at $2,772,577.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas A. Bradley bought 1,500 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average cost of $74.30 per share, for a total transaction of $111,450.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 44,784 shares of company stock worth $3,455,642. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several recent research reports. Evercore ISI increased their price target on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Truist Financial increased their target price on Palomar from $72.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, February 16th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Piper Sandler increased their price objective on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and an average price target of $87.50.

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.