Captrust Financial Advisors Raises Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Captrust Financial Advisors raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 36.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,505 shares of the company’s stock after purchasing an additional 2,024 shares during the period. Captrust Financial Advisors’ holdings in Palomar were worth $792,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PLMR. Barclays PLC boosted its stake in Palomar by 112.6% during the 3rd 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. Contravisory Investment Management Inc. purchased a new stake in Palomar during the 4th quarter valued at $318,000. Avanza Fonder AB purchased a new stake in Palomar during the 4th quarter valued at $143,000. Artemis Investment Management LLP boosted its stake in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new stake in Palomar during the 4th quarter valued at $206,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of Palomar stock opened at $159.22 on Friday. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $165.00. The stock’s fifty day moving average is $143.88 and its 200 day moving average is $121.29. The stock has a market cap of $4.26 billion, a P/E ratio of 35.54 and a beta of 0.51.

Palomar (NASDAQ:PLMR) last announced its 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 company had revenue of $174.63 million for the quarter, compared to analysts’ expectations of $161.97 million. During the same period last year, the firm earned $1.09 EPS. Analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price target on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler raised their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Truist Financial raised their price target on Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 15th. Finally, JMP Securities restated 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 issued a buy rating to the stock. According to MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $148.33.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 552 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total transaction of $68,039.52. Following the sale, the chief financial officer now directly owns 15,683 shares of the company’s stock, valued at $1,933,086.58. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 3,202 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the sale, the chief executive officer now directly owns 70,186 shares in the company, valued at approximately $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,254 shares of company stock valued at $2,443,484. 3.70% of the stock is owned by company insiders.

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.