Janney Montgomery Scott LLC Acquires Shares of 64,445 Palomar Holdings, Inc. $PLMR

Janney Montgomery Scott LLC bought a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 64,445 shares of the company’s stock, valued at approximately $9,941,000. Janney Montgomery Scott LLC owned 0.24% of Palomar at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PLMR. Nisa Investment Advisors LLC boosted its stake in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after purchasing an additional 202 shares during the period. Maseco LLP purchased a new stake in shares of Palomar during the second quarter valued at $45,000. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar during the first quarter valued at $46,000. TCTC Holdings LLC boosted its stake in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after purchasing an additional 205 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Palomar during the first quarter valued at $53,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLMR. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research note on Saturday, September 27th. Piper Sandler cut their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. 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 report on Friday, August 8th. JPMorgan Chase & Co. lowered 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. Finally, Evercore ISI lowered their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $160.17.

Insiders Place Their Bets

In related news, Director Richard H. Taketa acquired 500 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of $121.14 per share, for a total transaction of $60,570.00. Following the purchase, the director owned 44,226 shares of the company’s stock, valued at $5,357,537.64. This 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, President Jon Christianson sold 521 shares of the business’s 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 sale, the president owned 59,036 shares of the company’s stock, valued at approximately $7,091,994.68. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,905 shares of company stock worth $2,839,676. Corporate insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $116.57 on Friday. The stock has a 50-day simple moving average of $120.89 and a 200-day simple moving average of $139.84. The stock has a market capitalization of $3.12 billion, a PE ratio of 20.49 and a beta of 0.30. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85.

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

Palomar Company 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.