Beacon Harbor Wealth Advisors Inc. Takes $6.94 Million Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Beacon Harbor Wealth Advisors Inc. acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,650 shares of the company’s stock, valued at approximately $6,943,000. Palomar accounts for about 1.6% of Beacon Harbor Wealth Advisors Inc.’s investment portfolio, making the stock its 25th biggest holding. Beacon Harbor Wealth Advisors Inc. owned 0.19% of Palomar at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PLMR. Nisa Investment Advisors LLC grew its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after acquiring an additional 202 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar in the first quarter valued at about $46,000. TCTC Holdings LLC boosted its position in shares of Palomar by 116.5% during the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after purchasing an additional 205 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Palomar in the 1st quarter worth about $53,000. Finally, USA Financial Formulas purchased a new stake in shares of Palomar in the 1st quarter worth about $55,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Up 3.9%

Palomar stock opened at $116.64 on Thursday. The stock has a market cap of $3.12 billion, a P/E ratio of 20.50 and a beta of 0.44. The stock has a 50 day moving average of $148.04 and a 200-day moving average of $139.42. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.08. The business had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a return on equity of 20.35% and a net margin of 22.71%. The business’s revenue was up 47.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 EPS. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $140.10, for a total transaction of $700,500.00. Following the transaction, the chief executive officer directly owned 382,388 shares of the company’s stock, valued at approximately $53,572,558.80. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Rodolphe Herve sold 1,130 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares of the company’s stock, valued at $104,990.70. This represents a 58.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,294 shares of company stock valued at $3,208,102 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $205.00 to $204.00 and set an “outperform” rating for the company in a research note on Monday, June 30th. Truist Financial upped their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 15th. Finally, Piper Sandler dropped their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $169.83.

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.