Palomar Holdings, Inc. (NASDAQ:PLMR) Position Raised by PDT Partners LLC

PDT Partners LLC raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 84.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,816 shares of the company’s stock after purchasing an additional 2,671 shares during the quarter. PDT Partners LLC’s holdings in Palomar were worth $551,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. bought a new position in Palomar during the third quarter valued at about $25,000. GAMMA Investing LLC boosted its position in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Palomar in the 2nd quarter worth approximately $49,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Palomar during the first quarter worth approximately $59,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Piper Sandler upped their price target on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods boosted their target price on Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Truist Financial increased their price target on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Evercore ISI raised their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $109.00.

Palomar Price Performance

NASDAQ:PLMR opened at $109.03 on Tuesday. The stock has a market cap of $2.89 billion, a PE ratio of 25.90 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $111.27. The stock’s 50-day moving average is $98.70 and its two-hundred day moving average is $92.24.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, equities research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 2,195 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.10, for a total value of $228,499.50. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. This represents a 4.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,326 shares of company stock valued at $3,632,779. 4.30% of the stock is owned by 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.