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

State Street Corp grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,097,702 shares of the company’s stock after purchasing an additional 32,151 shares during the period. State Street Corp’s holdings in Palomar were worth $103,919,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. acquired a new position in Palomar during the 3rd quarter valued at about $25,000. GAMMA Investing LLC boosted its holdings in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. International Assets Investment Management LLC bought a new stake in Palomar during the second quarter worth approximately $49,000. Finally, Covestor Ltd lifted its position in Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the sale, the chief financial officer now owns 17,543 shares of the company’s stock, valued at approximately $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 27,326 shares of company stock worth $2,688,779 over the last 90 days. 4.30% of the stock is owned by company insiders.

Palomar Stock Up 0.1 %

Shares of Palomar stock opened at $109.67 on Monday. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.10. The firm has a market capitalization of $2.90 billion, a PE ratio of 26.05 and a beta of 0.36. The stock’s fifty day moving average is $100.92 and its 200-day moving average is $93.80.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the firm earned $0.80 earnings per share. Analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

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.