Handelsbanken Fonder AB bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,000 shares of the company’s stock, valued at approximately $221,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PLMR. Alliancebernstein L.P. raised its stake in Palomar by 2,612.5% in the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company’s stock worth $66,923,000 after acquiring an additional 769,899 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Palomar in the 4th quarter worth $16,058,000. Atlas Capital Advisors LLC raised its stake in Palomar by 614.2% in the 4th quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company’s stock worth $16,541,000 after acquiring an additional 315,000 shares during the last quarter. Millennium Management LLC purchased a new position in Palomar in the 4th quarter worth $9,260,000. Finally, Norges Bank purchased a new position in Palomar in the 4th quarter worth $8,610,000. Hedge funds and other institutional investors own 90.09% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on PLMR. Keefe, Bruyette & Woods lifted their price objective on Palomar from $64.00 to $67.00 in a research note on Wednesday, May 31st. Jefferies Financial Group lifted their price objective on Palomar from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, April 10th. Evercore ISI lifted their price objective on Palomar from $52.00 to $57.00 and gave the company an “in-line” rating in a research note on Thursday, April 13th. Barclays lifted their price objective on Palomar from $59.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, April 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Palomar from $75.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, March 31st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average price target of $68.86.
Insider Buying and Selling
In related news, President Jon Christianson sold 3,992 shares of Palomar stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $60.04, for a total value of $239,679.68. Following the sale, the president now directly owns 76,401 shares in the company, valued at approximately $4,587,116.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO T Christopher Uchida sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $55.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now directly owns 25,108 shares in the company, valued at approximately $1,380,940. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Jon Christianson sold 3,992 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $60.04, for a total value of $239,679.68. Following the transaction, the president now owns 76,401 shares in the company, valued at $4,587,116.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,000 shares of company stock worth $528,440. Insiders own 4.40% of the company’s stock.
Palomar Stock Up 0.0 %
Shares of Palomar stock opened at $59.14 on Tuesday. Palomar Holdings, Inc. has a twelve month low of $43.63 and a twelve month high of $95.20. The business has a 50-day moving average price of $55.82 and a 200 day moving average price of $54.13. The firm has a market cap of $1.47 billion, a PE ratio of 27.51 and a beta of 0.04.
Palomar (NASDAQ:PLMR – Get Free Report) last announced its quarterly earnings results on Wednesday, May 3rd. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. Palomar had a return on equity of 17.61% and a net margin of 16.25%. The firm had revenue of $83.94 million during the quarter, compared to analyst estimates of $88.35 million. During the same quarter in the previous year, the business earned $0.68 EPS. Palomar’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 2.9 EPS for the current year.
Palomar Company Profile
Palomar Holdings, Inc, an insurance holding 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.
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