Louisiana State Employees Retirement System Increases Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Louisiana State Employees Retirement System boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,500 shares of the company’s stock after buying an additional 300 shares during the quarter. Louisiana State Employees Retirement System owned approximately 0.05% of Palomar worth $1,014,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Palomar in the 1st quarter worth about $59,000. Advisors Asset Management Inc. increased its stake in Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after buying an additional 425 shares in the last quarter. Atwood & Palmer Inc. raised its holdings in shares of Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total value of $162,420.00. Following the sale, the president now owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Mac Armstrong sold 12,773 shares of Palomar stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the transaction, the chief executive officer now owns 59,309 shares in the company, valued at $5,230,460.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total transaction of $162,420.00. Following the sale, the president now owns 53,761 shares in the company, valued at $4,365,930.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,500 shares of company stock valued at $3,644,146. Company insiders own 4.30% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $97.67 on Wednesday. The stock has a 50 day moving average of $88.23 and a 200 day moving average of $82.68. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 28.07 and a beta of 0.31. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $99.61.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. Palomar’s revenue was up 47.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. Analysts forecast that Palomar Holdings, Inc. will post 4.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Keefe, Bruyette & Woods boosted their price target on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Piper Sandler upped their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Truist Financial raised their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Finally, Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

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.