GAMMA Investing LLC Boosts Position in Palomar Holdings, Inc. $PLMR

GAMMA Investing LLC lifted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 833 shares of the company’s stock after acquiring an additional 105 shares during the period. GAMMA Investing LLC’s holdings in Palomar were worth $128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PLMR. Nisa Investment Advisors LLC raised its holdings in Palomar by 185.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after buying an additional 202 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Palomar in the 1st quarter valued at about $46,000. TCTC Holdings LLC raised its holdings in Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after buying an additional 205 shares during the period. NBC Securities Inc. purchased a new stake in Palomar during the first quarter worth about $53,000. Finally, USA Financial Formulas purchased a new stake in Palomar during the first quarter worth about $55,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 2.0%

Shares of NASDAQ:PLMR opened at $116.75 on Wednesday. The firm’s 50 day moving average price is $122.13 and its 200 day moving average price is $140.23. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 20.52 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million during the quarter, compared to the consensus estimate of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm’s quarterly revenue was up 47.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 earnings per share. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on PLMR shares. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. cut their price target on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Piper Sandler cut their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.83.

Insider Transactions at Palomar

In other Palomar news, Director Richard H. Taketa purchased 500 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the acquisition, the director directly owned 44,226 shares of the company’s stock, valued at $5,357,537.64. This trade represents a 1.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 782 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $93,941.66. Following the completion of the transaction, the chief financial officer directly owned 7,668 shares of the company’s stock, valued at $921,156.84. This trade represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,905 shares of company stock valued at $2,839,676 over the last three months. 3.70% of the stock is owned by corporate insiders.

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.