Thrivent Financial for Lutherans Boosts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Thrivent Financial for Lutherans grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 58.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,837 shares of the company’s stock after purchasing an additional 12,147 shares during the period. Thrivent Financial for Lutherans owned about 0.13% of Palomar worth $3,109,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after buying an additional 167,435 shares during the last quarter. F M Investments LLC bought a new position in shares of Palomar in the second quarter valued at approximately $11,946,000. Allspring Global Investments Holdings LLC increased its position in shares of Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after acquiring an additional 112,996 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in Palomar by 36.1% during the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after acquiring an additional 90,010 shares during the period. Finally, Atlas Capital Advisors LLC boosted its position in Palomar by 167.7% in the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock worth $11,141,000 after purchasing an additional 86,000 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PLMR shares. Truist Financial lifted their target price on 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. lifted their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI increased their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Jefferies Financial Group lifted their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler upped their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $109.00.

Palomar Price Performance

NASDAQ:PLMR opened at $109.03 on Tuesday. Palomar Holdings, Inc. has a 1 year low of $54.50 and a 1 year high of $110.98. The stock’s fifty day moving average price is $97.48 and its two-hundred day moving average price is $91.37. The company has a market cap of $2.89 billion, a P/E ratio of 25.90 and a beta of 0.34.

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, analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the sale, the chief financial officer now directly owns 17,543 shares of the company’s stock, valued at $1,713,073.95. This represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,326 shares of company stock valued at $3,632,779. 4.30% of the stock is currently owned by corporate insiders.

Palomar Company 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.