Raymond James & Associates Acquires New Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

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

Several other hedge funds have also recently bought and sold shares of the stock. Westfield Capital Management Co. LP boosted its holdings in shares of Palomar by 26.0% in the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after buying an additional 89,410 shares during the period. Illinois Municipal Retirement Fund bought a new position in Palomar during the 3rd quarter worth about $741,000. Federated Hermes Inc. raised its stake in shares of Palomar by 6.3% in the 3rd quarter. Federated Hermes Inc. now owns 195,942 shares of the company’s stock valued at $9,944,000 after purchasing an additional 11,570 shares during the period. Trexquant Investment LP bought a new stake in shares of Palomar in the third quarter valued at about $538,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Palomar during the third quarter worth about $357,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the transaction, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at $39,276,556.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $82.62, for a total value of $578,340.00. Following the transaction, the chief executive officer now directly owns 475,388 shares of the company’s stock, valued at approximately $39,276,556.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the sale, the president now directly owns 59,761 shares of the company’s stock, valued at $4,905,780.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,784 shares of company stock valued at $3,455,642. 4.30% of the stock is owned by insiders.

Analyst Ratings Changes

PLMR has been the topic of several research reports. Keefe, Bruyette & Woods boosted their target price on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and raised their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $79.00 to $85.00 in a research note on Monday, April 8th. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Finally, Piper Sandler upped their target price on Palomar from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

Palomar Price Performance

Palomar stock opened at $80.25 on Tuesday. Palomar Holdings, Inc. has a fifty-two week low of $46.09 and a fifty-two week high of $86.25. The firm has a market capitalization of $2.00 billion, a PE ratio of 25.72 and a beta of 0.21. The company’s 50-day moving average is $78.53 and its 200-day moving average is $65.53.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $95.07 million. As a group, analysts expect that Palomar Holdings, Inc. will post 3.84 EPS for the current year.

Palomar 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.