Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Purchased by State Street Corp

State Street Corp boosted its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,097,702 shares of the company’s stock after acquiring an additional 32,151 shares during the quarter. State Street Corp owned about 4.15% of Palomar worth $103,919,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after purchasing an additional 167,435 shares during the period. F M Investments LLC acquired a new position in Palomar in the 2nd quarter worth $11,946,000. Point72 Asset Management L.P. purchased a new position in Palomar in the 3rd quarter valued at about $10,994,000. Allspring Global Investments Holdings LLC grew its stake in shares of Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after acquiring an additional 112,996 shares in the last quarter. Finally, Atlas Capital Advisors LLC increased its position in shares of Palomar by 167.7% during the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock worth $11,141,000 after acquiring an additional 86,000 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Buying and Selling

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

Palomar Trading Up 0.1 %

PLMR stock opened at $109.67 on Monday. The stock’s 50 day simple moving average is $100.92 and its 200 day simple moving average is $93.80. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.10. The firm has a market cap of $2.90 billion, a P/E ratio of 26.05 and a beta of 0.36.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on PLMR shares. Piper Sandler raised their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.67.

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.