Algert Global LLC Acquires 3,499 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Algert Global LLC boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 8.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,584 shares of the company’s stock after acquiring an additional 3,499 shares during the quarter. Algert Global LLC’s holdings in Palomar were worth $4,708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLMR. Barclays PLC grew its stake in shares of Palomar by 112.6% during the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock valued at $6,798,000 after purchasing an additional 38,027 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after buying an additional 11,140 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Palomar by 28.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company’s stock valued at $4,525,000 after buying an additional 9,396 shares during the period. Contravisory Investment Management Inc. bought a new stake in shares of Palomar during the fourth quarter worth $318,000. Finally, Avanza Fonder AB acquired a new position in shares of Palomar during the fourth quarter valued at $143,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $155.69 on Tuesday. The company has a 50 day moving average price of $138.47 and a two-hundred day moving average price of $117.67. The company has a market capitalization of $4.16 billion, a PE ratio of 34.75 and a beta of 0.51. Palomar Holdings, Inc. has a 52 week low of $77.28 and a 52 week high of $156.03.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $145.41, for a total value of $727,050.00. Following the sale, the chief executive officer now directly owns 397,388 shares in the company, valued at $57,784,189.08. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 552 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the transaction, the chief financial officer now owns 15,683 shares of the company’s stock, valued at approximately $1,933,086.58. The trade was a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,254 shares of company stock valued at $2,443,484 over the last 90 days. 3.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Truist Financial increased their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Jefferies Financial Group lifted their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.33.

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.