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

NBC Securities Inc. purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 393 shares of the company’s stock, valued at approximately $53,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Palomar by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company’s stock valued at $6,854,000 after buying an additional 14,965 shares in the last quarter. Principal Financial Group Inc. boosted its position in Palomar by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after buying an additional 7,875 shares in the last quarter. Atlas Capital Advisors Inc. boosted its position in Palomar by 175.5% in the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after buying an additional 90,000 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after buying an additional 145 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock valued at $13,680,000 after buying an additional 99,433 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the business’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 transaction of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares of the company’s stock, valued at $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,172 shares of the company’s stock, valued at $1,413,908. The trade was a 8.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,202 shares of company stock valued at $3,265,129 over the last ninety days. Insiders own 3.70% of the company’s stock.

Palomar Price Performance

PLMR opened at $161.07 on Friday. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 35.95 and a beta of 0.50. The firm has a 50 day simple moving average of $155.48 and a 200 day simple moving average of $129.71. Palomar Holdings, Inc. has a fifty-two week low of $77.28 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. The business had revenue of $174.63 million during 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 in the previous year, the firm posted $1.09 earnings per share. As a group, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLMR. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Evercore ISI upped their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research report on Friday, May 30th. Piper Sandler upped their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Finally, Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.33.

About Palomar

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.