Palomar Holdings, Inc. $PLMR Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,461 shares of the company’s stock after buying an additional 90 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Palomar were worth $363,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of PLMR. Nuveen LLC purchased a new stake in shares of Palomar in the first quarter valued at about $26,084,000. Alliancebernstein L.P. raised its holdings in Palomar by 322.4% during the first quarter. Alliancebernstein L.P. now owns 127,383 shares of the company’s stock worth $17,462,000 after purchasing an additional 97,226 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Palomar by 714.5% in the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company’s stock valued at $14,587,000 after acquiring an additional 93,352 shares during the period. Artemis Investment Management LLP grew its position in Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock valued at $73,003,000 after buying an additional 77,472 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Palomar by 2,825.6% in the 1st quarter. Cerity Partners LLC now owns 70,449 shares of the company’s stock valued at $9,657,000 after buying an additional 68,041 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 2.2%

NASDAQ:PLMR opened at $115.44 on Wednesday. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 20.29 and a beta of 0.30. The stock has a fifty day simple moving average of $120.25 and a 200 day simple moving average of $139.62.

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

Analysts Set New Price Targets

PLMR has been the subject of several research reports. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Saturday, September 27th. Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods dropped their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $160.17.

Insider Activity at Palomar

In other news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $33,756.53. Following the completion of the sale, the insider directly owned 21,210 shares of the company’s stock, valued at $2,547,957.30. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Taketa purchased 500 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the purchase, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 21,905 shares of company stock worth $2,839,676. 3.70% of the stock is currently owned by corporate insiders.

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.