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

Moran Wealth Management LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,782 shares of the company's stock, valued at approximately $547,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar during the 3rd quarter valued at $25,000. GAMMA Investing LLC raised its position in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after buying an additional 125 shares during the period. Farther Finance Advisors LLC lifted its stake in 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 in the last quarter. International Assets Investment Management LLC acquired a new stake in Palomar during the 2nd quarter worth about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Palomar during the 1st quarter valued at about $59,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares of the company's stock, valued at approximately $42,052,650.12. This trade represents a 1.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.00, for a total value of $115,544.00. Following the transaction, the chief financial officer now directly owns 16,432 shares of the company's stock, valued at $1,708,928. This represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,326 shares of company stock worth $3,632,779. 4.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PLMR. 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. increased their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Piper Sandler boosted their price target on shares of Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their target price on Palomar from $90.00 to $99.00 and gave the company an "in-line" rating in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Palomar Price Performance

Shares of PLMR stock traded down $0.35 on Friday, hitting $108.32. The company's stock had a trading volume of 139,860 shares, compared to its average volume of 170,966. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of 25.73 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 $110.98. The firm's fifty day moving average price is $97.22 and its 200-day moving average price is $91.11.

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