UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 49,942 shares of the company’s stock after selling 1,727 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Palomar were worth $4,728,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar during the third quarter valued at $25,000. GAMMA Investing LLC grew its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Palomar in the 2nd quarter worth $49,000. Finally, Covestor Ltd grew its stake in shares of Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after buying an additional 181 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other news, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now owns 17,543 shares in the company, valued at approximately $1,713,073.95. The trade was a 5.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 3,805 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $103.04, for a total transaction of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares of the company’s stock, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,326 shares of company stock worth $2,688,779 in the last 90 days. 4.30% of the stock is owned by corporate insiders.

Palomar Trading Up 2.6 %

Palomar stock opened at $108.45 on Thursday. The firm has a 50-day moving average price of $100.54 and a 200-day moving average price of $93.41. The firm has a market capitalization of $2.87 billion, a PE ratio of 25.76 and a beta of 0.36. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.10.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share 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 company had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same quarter last year, the business posted $0.80 EPS. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PLMR shares. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Piper Sandler raised their target price on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $111.67.

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.