Avantax Advisory Services Inc. Acquires 145 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Avantax Advisory Services Inc. raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 5,837 shares of the company’s stock after purchasing an additional 145 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Palomar were worth $616,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PLMR. Point72 Asset Management L.P. bought a new stake in shares of Palomar during the 3rd quarter valued at $10,994,000. Soros Fund Management LLC bought a new stake in shares of Palomar in the 3rd quarter valued at $9,467,000. Westfield Capital Management Co. LP increased its position in shares of Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after buying an additional 77,552 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after buying an additional 71,806 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Palomar by 112.6% in the 3rd quarter. Barclays PLC now owns 71,803 shares of the company’s stock valued at $6,798,000 after buying an additional 38,027 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 394 shares of the stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares in the company, valued at $1,722,933.67. This represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Jon Christianson sold 819 shares of the stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the transaction, the president now owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,455 shares of company stock valued at $4,632,620. Company insiders own 4.30% of the company’s stock.

Palomar Trading Down 1.1 %

Shares of NASDAQ PLMR opened at $129.32 on Friday. The firm has a market cap of $3.45 billion, a PE ratio of 28.87 and a beta of 0.33. Palomar Holdings, Inc. has a 1-year low of $74.09 and a 1-year high of $136.90. The company has a fifty day moving average price of $118.05 and a 200 day moving average price of $106.66.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on PLMR shares. Truist Financial upped their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.83.

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.