Universal Beteiligungs und Servicegesellschaft mbH Acquires 15,654 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 29.2% in the first quarter, Holdings Channel reports. The firm owned 69,178 shares of the company’s stock after purchasing an additional 15,654 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Palomar were worth $9,483,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PLMR. KBC Group NV grew its position in shares of Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company’s stock valued at $156,000 after acquiring an additional 95 shares during the period. Hohimer Wealth Management LLC grew its position in shares of Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company’s stock valued at $359,000 after acquiring an additional 99 shares during the period. Covestor Ltd grew its position in shares of Palomar by 13.8% in the 4th quarter. Covestor Ltd now owns 1,224 shares of the company’s stock valued at $129,000 after acquiring an additional 148 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock valued at $325,000 after acquiring an additional 190 shares during the period. Finally, LPL Financial LLC grew its position in shares of Palomar by 6.7% in the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company’s stock valued at $325,000 after acquiring an additional 194 shares during the period. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PLMR. Piper Sandler lifted their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an “overweight” rating in a report on Friday, May 30th. Truist Financial lifted their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. 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, Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $205.00 to $204.00 and set an “outperform” rating for the company in a report on Monday, June 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus price target of $174.17.

Palomar Stock Up 0.6%

Shares of Palomar stock opened at $132.52 on Friday. Palomar Holdings, Inc. has a twelve month low of $82.54 and a twelve month high of $175.85. The company has a 50-day simple moving average of $153.65 and a two-hundred day simple moving average of $138.27. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of 26.45 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business had revenue of $174.63 million during the quarter, compared to analysts’ expectations of $161.97 million. During the same quarter in the previous year, the company earned $1.09 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total value of $71,550.00. Following the completion of the sale, the chief financial officer owned 6,920 shares in the company, valued at $990,252. The trade was a 6.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the completion of the transaction, the chief executive officer owned 382,388 shares of the company’s stock, valued at $53,572,558.80. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,164 shares of company stock worth $3,061,089 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.

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.