Moran Wealth Management LLC Makes New $547,000 Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Moran Wealth Management LLC purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,782 shares of the company's stock, valued at approximately $547,000.

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

Insider Buying and Selling

In other news, 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 transaction of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares in the company, valued at approximately $42,052,650.12. The trade was a 1.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jon Christianson sold 10,000 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the transaction, the president now directly owns 51,926 shares of the company's stock, valued at $4,901,814.40. This trade represents a 16.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,326 shares of company stock valued at $3,632,779 over the last ninety days. 4.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of research analyst reports. Truist Financial increased their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Piper Sandler lifted their price objective on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group lifted their price target on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Palomar Stock Performance

NASDAQ:PLMR opened at $108.32 on Friday. The firm's 50-day moving average is $96.95 and its 200-day moving average is $90.93. Palomar Holdings, Inc. has a 52-week low of $54.50 and a 52-week high of $110.98. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 25.73 and a beta of 0.34.

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