Zurcher Kantonalbank Zurich Cantonalbank Sells 1,128 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,705 shares of the company’s stock after selling 1,128 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Palomar were worth $635,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar in the first quarter valued at $59,000. CWM LLC increased its holdings in Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after buying an additional 217 shares during the period. SG Americas Securities LLC raised its stake in shares of Palomar by 3,117.4% in the 2nd quarter. SG Americas Securities LLC now owns 46,942 shares of the company’s stock valued at $3,809,000 after buying an additional 45,483 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Palomar during the 2nd quarter worth about $914,000. Finally, Artemis Investment Management LLP boosted its position in shares of Palomar by 36.1% during the 2nd quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock valued at $27,548,000 after acquiring an additional 90,010 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Price Performance

NASDAQ PLMR opened at $110.45 on Friday. The stock’s 50 day simple moving average is $99.78 and its 200 day simple moving average is $92.81. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $112.10. The firm has a market cap of $2.92 billion, a PE ratio of 26.24 and a beta of 0.36.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PLMR shares. Piper Sandler increased their price target on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. 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. Finally, Keefe, Bruyette & Woods lifted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $111.67.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. This trade represents a 1.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. This trade represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,326 shares of company stock worth $2,688,779. 4.30% of the stock is currently owned by corporate insiders.

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.