Federated Hermes Inc. Buys 3,737 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Federated Hermes Inc. boosted its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 199,679 shares of the company’s stock after acquiring an additional 3,737 shares during the period. Federated Hermes Inc.’s holdings in Palomar were worth $11,082,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Everence Capital Management Inc. bought a new position in shares of Palomar during the 4th quarter worth approximately $214,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Palomar by 1.0% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock worth $52,963,000 after buying an additional 9,462 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Palomar during the 4th quarter worth approximately $688,000. Conestoga Capital Advisors LLC boosted its holdings in shares of Palomar by 4.1% during the 4th quarter. Conestoga Capital Advisors LLC now owns 27,137 shares of the company’s stock worth $1,506,000 after buying an additional 1,075 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Palomar by 375,455.6% during the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock worth $1,876,000 after buying an additional 33,791 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Mac Armstrong sold 952 shares of the firm’s stock in a transaction on Saturday, January 27th. The stock was sold at an average price of $60.13, for a total transaction of $57,243.76. Following the completion of the sale, the chief executive officer now directly owns 44,117 shares of the company’s stock, valued at approximately $2,652,755.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, President Jon Christianson sold 423 shares of the firm’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $60.13, for a total transaction of $25,434.99. Following the completion of the sale, the president now directly owns 70,612 shares of the company’s stock, valued at approximately $4,245,899.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 952 shares of the firm’s stock in a transaction on Saturday, January 27th. The shares were sold at an average price of $60.13, for a total value of $57,243.76. Following the sale, the chief executive officer now directly owns 44,117 shares of the company’s stock, valued at $2,652,755.21. The disclosure for this sale can be found here. Insiders sold a total of 39,509 shares of company stock valued at $2,999,157 in the last ninety days. 4.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PLMR. JPMorgan Chase & Co. cut Palomar from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Piper Sandler increased their price target on Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and increased their target price for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. Truist Financial increased their target price on Palomar from $72.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Finally, Keefe, Bruyette & Woods increased their target price on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.

Palomar Trading Up 2.5 %

NASDAQ PLMR opened at $81.81 on Wednesday. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25. The firm has a market capitalization of $2.04 billion, a P/E ratio of 26.22 and a beta of 0.21. The business has a fifty day simple moving average of $77.77 and a 200 day simple moving average of $64.70.

Palomar (NASDAQ:PLMR) last announced its 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. Palomar had a return on equity of 19.35% and a net margin of 21.07%. The firm had revenue of $102.35 million during the quarter, compared to analyst estimates of $95.07 million. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 3.84 EPS for the current fiscal year.

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.