Public Sector Pension Investment Board Grows Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Public Sector Pension Investment Board raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,565 shares of the company’s stock after purchasing an additional 700 shares during the quarter. Public Sector Pension Investment Board’s holdings in Palomar were worth $5,260,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Palomar in the 3rd quarter valued at about $25,000. GAMMA Investing LLC raised its position in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Palomar in the 2nd quarter worth approximately $49,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Palomar during the 1st quarter valued at approximately $59,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $108.30 on Monday. Palomar Holdings, Inc. has a 52-week low of $54.50 and a 52-week high of $111.27. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 25.72 and a beta of 0.34. The stock has a 50 day moving average price of $98.43 and a 200 day moving average price of $92.07.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping 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 period in the prior year, the business earned $0.80 EPS. Analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PLMR shares. Jefferies Financial Group lifted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial upped their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods boosted their target price on Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Piper Sandler increased their price target on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $109.00.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 10,000 shares of the 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 sale, the president now directly owns 51,926 shares in the company, valued at $4,901,814.40. This trade represents a 16.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,326 shares of company stock worth $3,632,779 in the last three months. Corporate insiders own 4.30% of the company’s stock.

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.