398 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Purchased by USA Financial Formulas

USA Financial Formulas bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 398 shares of the company’s stock, valued at approximately $55,000.

Several other large investors also recently modified their holdings of PLMR. Blue Trust Inc. purchased a new stake in Palomar in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC boosted its position in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after acquiring an additional 191 shares in the last quarter. NBC Securities Inc. bought a new stake in Palomar during the 1st quarter valued at approximately $53,000. Finally, Farther Finance Advisors LLC boosted its position in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after acquiring an additional 99 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PLMR shares. Truist Financial lifted their price objective on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods cut their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group lifted their price objective on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $164.33.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now directly owns 10,172 shares of the company’s stock, valued at approximately $1,413,908. This represents a 8.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at $52,197,771.36. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Up 0.7%

Shares of PLMR opened at $157.97 on Thursday. The business’s 50 day moving average price is $154.85 and its 200-day moving average price is $129.36. Palomar Holdings, Inc. has a 52 week low of $77.28 and a 52 week high of $175.85. The stock has a market cap of $4.22 billion, a P/E ratio of 35.26 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million for the quarter, compared to analysts’ expectations of $161.97 million. During the same period in the previous year, the firm posted $1.09 EPS. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

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.