HighTower Advisors LLC Acquires Shares of 18,067 Palomar Holdings, Inc. (NASDAQ:PLMR)

HighTower Advisors LLC bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 18,067 shares of the company’s stock, valued at approximately $1,711,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in Palomar during the third quarter worth $25,000. GAMMA Investing LLC raised its stake in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after buying an additional 378 shares during the last quarter. International Assets Investment Management LLC bought a new position in Palomar during the second quarter valued at about $49,000. Finally, Covestor Ltd increased its holdings in Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after buying an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 0.1 %

Palomar stock opened at $109.67 on Monday. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 26.05 and a beta of 0.36. The firm has a 50 day simple moving average of $100.92 and a 200 day simple moving average of $93.80. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $112.10.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on PLMR. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group raised their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Piper Sandler upped their price target on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $111.67.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 3,805 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the transaction, the president now owns 51,926 shares in the company, valued at $5,350,455.04. This represents a 6.83 % 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 ninety days. Company insiders own 4.30% of the company’s stock.

Palomar 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.