Bridgewater Associates LP Acquires 7,835 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Bridgewater Associates LP raised its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 81.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,429 shares of the company’s stock after acquiring an additional 7,835 shares during the quarter. Bridgewater Associates LP owned approximately 0.07% of Palomar worth $1,650,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. bought a new position in Palomar in the third quarter valued at about $25,000. GAMMA Investing LLC lifted its holdings in 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 during the period. Farther Finance Advisors LLC lifted its holdings in Palomar by 490.9% in 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 position in Palomar in the second quarter valued at about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Palomar in the first quarter worth about $59,000. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on PLMR shares. Evercore ISI upped their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods upped their price target on Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Piper Sandler upped their price target on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Truist Financial upped their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 2,195 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the sale, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This trade represents a 4.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 3,185 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total value of $312,798.85. Following the completion of the sale, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at $4,941,141.52. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,326 shares of company stock worth $3,632,779 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Palomar Price Performance

NASDAQ PLMR opened at $108.30 on Monday. The stock has a market capitalization of $2.87 billion, a PE ratio of 25.72 and a beta of 0.34. The business has a 50 day simple moving average of $98.43 and a two-hundred day simple moving average of $92.07. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $111.27.

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