Quest Partners LLC Acquires 3,839 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Quest Partners LLC lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1,122.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,181 shares of the company’s stock after purchasing an additional 3,839 shares during the period. Quest Partners LLC’s holdings in Palomar were worth $396,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar during the third quarter valued at about $25,000. GAMMA Investing LLC grew its position in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the period. International Assets Investment Management LLC bought a new stake in Palomar in the second quarter valued at approximately $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Palomar during the first quarter valued at approximately $59,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 3,185 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total value of $312,798.85. Following the sale, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at $4,941,141.52. The trade was a 5.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This trade represents a 16.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,326 shares of company stock worth $3,632,779 in the last three months. 4.30% of the stock is owned by corporate insiders.

Palomar Stock Performance

PLMR stock opened at $108.32 on Monday. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $110.98. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 25.73 and a beta of 0.34. The business’s 50 day moving average price is $97.22 and its two-hundred day moving average price is $91.15.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the firm earned $0.80 earnings per share. Sell-side analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PLMR shares. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Piper Sandler boosted their price target on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group upped their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

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.