Exchange Traded Concepts LLC Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Exchange Traded Concepts LLC bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR) during the third quarter, HoldingsChannel.com reports. The fund bought 7,719 shares of the company’s stock, valued at approximately $731,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after buying an additional 40,453 shares during the period. Champlain Investment Partners LLC increased its stake in shares of Palomar by 5.5% during the first quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock valued at $112,399,000 after buying an additional 69,615 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after buying an additional 66,478 shares during the period. Artemis Investment Management LLP increased its stake in shares of Palomar by 12.9% during the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after buying an additional 43,812 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in shares of Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after buying an additional 43,841 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insiders Place Their Bets

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar 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 sale, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,520 shares of company stock valued at $2,952,526. 4.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PLMR. Keefe, Bruyette & Woods raised their price target on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Truist Financial lifted their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Evercore ISI lifted their target price on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Piper Sandler lifted their target price on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group lifted their target price on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $105.50.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $97.09 on Friday. The company has a market cap of $2.43 billion, a PE ratio of 25.62 and a beta of 0.33. The business has a 50-day simple moving average of $95.83 and a two-hundred day simple moving average of $87.83. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $103.40.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. The business had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company’s quarterly revenue was up 47.0% on a year-over-year basis. During the same quarter last year, the company earned $0.72 earnings per share. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 4.36 earnings per share for the current fiscal 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.