Formula Growth Ltd. Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Formula Growth Ltd. purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 11,809 shares of the company’s stock, valued at approximately $1,247,000.

Other institutional investors also recently modified their holdings of the company. Dakota Wealth Management raised its position in Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after buying an additional 92 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its position in Palomar by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after purchasing an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. grew its position in Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after purchasing an additional 145 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PLMR shares. Truist Financial increased their price target on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday. Jefferies Financial Group raised their target price on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average target price of $148.33.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total transaction of $768,320.00. Following the sale, the chief executive officer now owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the transaction, the chief financial officer now owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,645 shares of company stock valued at $3,787,579. Company insiders own 4.30% of the company’s stock.

Palomar Trading Down 0.4 %

Shares of NASDAQ:PLMR opened at $149.79 on Friday. The stock has a 50 day moving average of $132.55 and a 200 day moving average of $113.44. The company has a market cap of $4.00 billion, a PE ratio of 33.44 and a beta of 0.46. Palomar Holdings, Inc. has a 12-month low of $77.17 and a 12-month high of $155.87.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Equities research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal 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.