NBC Securities Inc. Buys Shares of 393 Palomar Holdings, Inc. (NASDAQ:PLMR)

NBC Securities Inc. bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 1st quarter, Holdings Channel.com reports. The fund bought 393 shares of the company’s stock, valued at approximately $53,000.

Several other large investors have also recently bought and sold shares of PLMR. Blue Trust Inc. bought a new stake in Palomar in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after buying an additional 349 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after buying an additional 191 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after buying an additional 99 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of Palomar by 13.8% in the fourth quarter. Covestor Ltd now owns 1,224 shares of the company’s stock valued at $129,000 after buying an additional 148 shares during the period. Institutional investors own 90.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PLMR shares. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial upped their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Jefferies Financial Group upped their price target on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a report on Friday, April 11th. Piper Sandler upped their price target on shares of Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and upped their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $164.33.

Palomar Trading Up 2.0%

Shares of PLMR opened at $161.07 on Friday. Palomar Holdings, Inc. has a 12 month low of $77.28 and a 12 month high of $175.85. The firm has a fifty day simple moving average of $155.48 and a 200 day simple moving average of $129.71. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 35.95 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.23% and a return on equity of 19.76%. The business had revenue of $174.63 million during the quarter, compared to analysts’ expectations of $161.97 million. During the same quarter in the prior year, the company posted $1.09 earnings per share. As a group, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the sale, the chief financial officer now owns 10,172 shares in the company, valued at $1,413,908. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now owns 402,388 shares of the company’s stock, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is owned by 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.