Farther Finance Advisors LLC Buys 835 Shares of Palomar Holdings, Inc. $PLMR

Farther Finance Advisors LLC lifted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 713.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 952 shares of the company’s stock after acquiring an additional 835 shares during the quarter. Farther Finance Advisors LLC’s holdings in Palomar were worth $147,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Palomar in the 1st quarter valued at about $276,000. Principal Financial Group Inc. raised its holdings in shares of Palomar by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 151,237 shares of the company’s stock valued at $20,732,000 after acquiring an additional 3,697 shares in the last quarter. Informed Momentum Co LLC purchased a new stake in shares of Palomar in the 1st quarter valued at about $4,894,000. HighTower Advisors LLC raised its holdings in shares of Palomar by 252.8% in the 1st quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock valued at $1,538,000 after acquiring an additional 8,038 shares in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Palomar in the 1st quarter valued at about $6,943,000. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

PLMR stock opened at $112.33 on Friday. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The stock has a market capitalization of $3.01 billion, a P/E ratio of 19.74 and a beta of 0.30. The business has a fifty day moving average price of $121.20 and a 200-day moving average price of $139.87.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on PLMR. Evercore ISI lowered their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday. Piper Sandler reduced their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods reduced their price objective on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. 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 company presently has an average rating of “Moderate Buy” and an average price target of $160.17.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the sale, the chief financial officer directly owned 7,168 shares in the company, valued at $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Jon Christianson sold 521 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the sale, the president owned 59,036 shares in the company, valued at approximately $7,091,994.68. The trade was a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,905 shares of company stock valued at $2,839,676 in the last ninety days. Company insiders own 3.70% of the company’s stock.

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.