HighTower Advisors LLC Sells 14,888 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

HighTower Advisors LLC decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 82.4% in the 4th quarter, HoldingsChannel reports. The fund owned 3,179 shares of the company’s stock after selling 14,888 shares during the period. HighTower Advisors LLC’s holdings in Palomar were worth $336,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. acquired a new stake in Palomar in the 4th quarter valued at $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after buying an additional 349 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after buying an additional 191 shares during the last quarter. KBC Group NV increased its position in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after acquiring an additional 324 shares in the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Palomar in the 4th quarter worth about $143,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the sale, the chief executive officer now owns 412,388 shares of the company’s stock, valued at approximately $45,263,706.88. The trade was a 1.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the transaction, the chief financial officer now owns 10,172 shares in the company, valued at approximately $1,413,908. The trade was a 8.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,097 shares of company stock worth $3,271,422. 4.30% of the stock is owned by company insiders.

Palomar Stock Up 1.1 %

PLMR stock opened at $138.54 on Wednesday. The business has a 50 day moving average of $122.05 and a 200-day moving average of $108.85. The firm has a market cap of $3.70 billion, a PE ratio of 30.92 and a beta of 0.33. Palomar Holdings, Inc. has a 12-month low of $74.09 and a 12-month high of $139.21.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PLMR shares. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods lifted their target price on Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Truist Financial increased their price target on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Three equities 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 an average rating of “Moderate Buy” and a consensus price target of $127.83.

Palomar Company Profile

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.