Cerity Partners LLC Buys New Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Cerity Partners LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,408 shares of the company's stock, valued at approximately $248,000.

A number of other hedge funds have also added to or reduced their stakes in PLMR. Blue Trust Inc. bought a new stake in shares of Palomar in the fourth quarter worth $26,000. Smartleaf Asset Management LLC grew its position in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after buying an additional 191 shares during the period. Farther Finance Advisors LLC raised its position in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after acquiring an additional 99 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Palomar by 44.9% in the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after acquiring an additional 324 shares during the period. 90.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Piper Sandler lifted their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. JMP Securities restated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Finally, Jefferies Financial Group upped their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Price Performance

Shares of NASDAQ:PLMR traded down $5.67 on Friday, hitting $147.48. The company's stock had a trading volume of 389,515 shares, compared to its average volume of 187,912. Palomar Holdings, Inc. has a 1 year low of $77.17 and a 1 year high of $155.87. The company has a market capitalization of $3.94 billion, a PE ratio of 32.92 and a beta of 0.46. The company has a 50-day simple moving average of $135.21 and a 200 day simple moving average of $115.35.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 2,444 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.34, for a total transaction of $264,782.96. Following the completion of the sale, the chief executive officer now directly owns 64,982 shares in the company, valued at $7,040,149.88. This represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 507 shares of Palomar stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.34, for a total value of $54,928.38. Following the completion of the transaction, the chief financial officer now directly owns 17,845 shares in the company, valued at $1,933,327.30. This trade represents a 2.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,342 shares of company stock valued at $3,198,841. 3.70% of the stock is currently owned by insiders.

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.