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

Swiss National Bank lifted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR – Get Rating) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,900 shares of the company’s stock after acquiring an additional 1,000 shares during the period. Swiss National Bank owned approximately 0.24% of Palomar worth $2,750,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System raised its position in shares of Palomar by 4.1% in the 4th 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. Oak Ridge Investments LLC raised its position in shares of Palomar by 2.7% in the 3rd quarter. Oak Ridge Investments LLC now owns 34,431 shares of the company’s stock worth $2,883,000 after acquiring an additional 904 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its position in shares of Palomar by 1.9% in the 4th 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. Summit Global Investments grew its stake in shares of Palomar by 113.5% in the 3rd quarter. Summit Global Investments now owns 7,900 shares of the company’s stock valued at $661,000 after buying an additional 4,200 shares during the period. Finally, Convergence Investment Partners LLC acquired a new stake in shares of Palomar in the 3rd quarter valued at about $129,000. 90.30% of the stock is owned by institutional investors.

Palomar Stock Down 3.0 %

Shares of NASDAQ PLMR opened at $51.48 on Wednesday. Palomar Holdings, Inc. has a twelve month low of $43.63 and a twelve month high of $95.20. The stock’s 50 day moving average price is $52.39 and its 200-day moving average price is $53.94. The company has a market capitalization of $1.28 billion, a PE ratio of 23.94 and a beta of 0.04.

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

Insider Transactions at Palomar

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

Analyst Ratings Changes

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

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.