Virtu Financial LLC Invests $338,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Virtu Financial LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,097 shares of the company’s stock, valued at approximately $338,000.

Other large investors have also modified their holdings of the company. Signaturefd LLC lifted its position in shares of Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares during the last quarter. Picton Mahoney Asset Management bought a new position in shares of Palomar during the fourth quarter worth about $108,000. AXS Investments LLC bought a new position in shares of Palomar during the fourth quarter worth about $170,000. Everence Capital Management Inc. bought a new position in shares of Palomar during the fourth quarter worth about $214,000. Finally, Raymond James & Associates bought a new position in shares of Palomar during the fourth quarter worth about $293,000. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 0.1 %

Shares of NASDAQ:PLMR opened at $80.97 on Thursday. The firm’s 50 day moving average is $81.95 and its two-hundred day moving average is $72.61. Palomar Holdings, Inc. has a 52 week low of $48.08 and a 52 week high of $89.22. The firm has a market capitalization of $2.02 billion, a P/E ratio of 23.27 and a beta of 0.32.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter last year, the business earned $0.80 earnings per share. Palomar’s revenue was up 29.1% compared to the same quarter last year. Analysts predict that Palomar Holdings, Inc. will post 4.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLMR. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and raised their target price for the stock from $78.00 to $88.00 in a report on Thursday, March 14th. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Piper Sandler reissued an “overweight” rating and issued a $99.00 target price (up previously from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Evercore ISI raised their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a report on Wednesday, May 29th. Finally, Truist Financial raised their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $92.83.

Insider Activity at Palomar

In related news, President Jon Christianson sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the transaction, the president now owns 57,761 shares in the company, valued at $4,407,164.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO T Christopher Uchida sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $89.00, for a total transaction of $111,250.00. Following the transaction, the chief financial officer now owns 24,094 shares in the company, valued at $2,144,366. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the transaction, the president now owns 57,761 shares in the company, valued at approximately $4,407,164.30. The disclosure for this sale can be found here. Insiders have sold 19,250 shares of company stock worth $1,563,430 over the last quarter. 4.30% of the stock is currently owned by company 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.