Beacon Harbor Wealth Advisors Inc. Lowers Stake in Palomar Holdings, Inc. $PLMR

Beacon Harbor Wealth Advisors Inc. decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 13.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 43,730 shares of the company’s stock after selling 6,920 shares during the period. Palomar accounts for approximately 1.7% of Beacon Harbor Wealth Advisors Inc.’s portfolio, making the stock its 25th largest holding. Beacon Harbor Wealth Advisors Inc. owned approximately 0.16% of Palomar worth $6,745,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Palomar by 3.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company’s stock worth $363,000 after purchasing an additional 90 shares during the period. Bank of Montreal Can lifted its position in Palomar by 1.7% during the second quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock worth $889,000 after buying an additional 98 shares during the period. GAMMA Investing LLC boosted its stake in Palomar by 14.4% in the 2nd quarter. GAMMA Investing LLC now owns 833 shares of the company’s stock worth $128,000 after buying an additional 105 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in Palomar by 1.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company’s stock valued at $1,212,000 after buying an additional 113 shares during the period. Finally, Evergreen Capital Management LLC increased its stake in shares of Palomar by 5.8% during the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company’s stock valued at $305,000 after acquiring an additional 122 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palomar

In related news, CFO T Christopher Uchida sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the transaction, the chief financial officer directly owned 7,168 shares of the company’s stock, valued at approximately $871,557.12. The trade was a 6.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Jon Christianson sold 521 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares of the company’s stock, valued at $7,091,994.68. This trade represents a 0.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,302 shares of company stock worth $2,414,141. Insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Palomar from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI decreased their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Keefe, Bruyette & Woods upped their price objective on Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Finally, Piper Sandler lowered their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.67.

Palomar Trading Down 0.3%

NASDAQ:PLMR opened at $129.72 on Friday. The firm’s fifty day simple moving average is $117.54 and its 200 day simple moving average is $134.98. Palomar Holdings, Inc. has a twelve month low of $98.42 and a twelve month high of $175.85. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 22.80 and a beta of 0.25.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Friday, December 16th. The company reported $0.07 EPS for the quarter. The company had revenue of $65.74 million for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. On average, analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

About Palomar

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.