Rhumbline Advisers Increases Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Rhumbline Advisers lifted its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,865 shares of the company’s stock after buying an additional 816 shares during the quarter. Rhumbline Advisers owned approximately 0.26% of Palomar worth $9,577,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in shares of Palomar in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC lifted 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 worth $43,000 after buying an additional 349 shares in the last quarter. Jones Financial Companies Lllp lifted 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 worth $52,000 after buying an additional 191 shares in the last quarter. Farther Finance Advisors LLC lifted 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 worth $58,000 after buying an additional 99 shares in the last quarter. Finally, Covestor Ltd raised its stake in 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 purchasing an additional 148 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PLMR. Piper Sandler raised their target price on shares of Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a research note on Friday, May 30th. Jefferies Financial Group raised their target price on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and raised their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Finally, Evercore ISI raised their target price on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $164.33.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $159.77, for a total transaction of $79,885.00. Following the completion of the transaction, the chief financial officer now owns 7,920 shares in the company, valued at $1,265,378.40. This represents a 5.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is currently owned by corporate insiders.

Palomar Stock Performance

PLMR stock opened at $162.27 on Tuesday. The company has a market capitalization of $4.34 billion, a PE ratio of 36.22 and a beta of 0.50. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $175.85. The company’s 50 day moving average price is $154.08 and its two-hundred day moving average price is $128.96.

Palomar (NASDAQ:PLMR) last posted its quarterly 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. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same period last year, the firm posted $1.09 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 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.