Charles Schwab Investment Management Inc. Purchases 14,509 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Charles Schwab Investment Management Inc. lifted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 6.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,552 shares of the company's stock after buying an additional 14,509 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.87% of Palomar worth $21,826,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after buying an additional 167,435 shares during the period. F M Investments LLC bought a new stake in Palomar during the 2nd quarter valued at $11,946,000. Allspring Global Investments Holdings LLC grew its position in Palomar by 214.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock valued at $13,445,000 after buying an additional 112,996 shares in the last quarter. Artemis Investment Management LLP raised its holdings in Palomar by 36.1% during the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company's stock worth $27,548,000 after purchasing an additional 90,010 shares in the last quarter. Finally, Atlas Capital Advisors LLC grew its holdings in Palomar by 167.7% during the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company's stock worth $11,141,000 after acquiring an additional 86,000 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR traded up $2.03 during trading on Friday, hitting $110.45. 165,504 shares of the stock traded hands, compared to its average volume of 162,573. The business has a 50 day moving average price of $99.47 and a 200 day moving average price of $92.63. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.10. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 26.43 and a beta of 0.36.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on PLMR. Truist Financial upped their price target on shares of Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Piper Sandler lifted their price target on shares of Palomar from $105.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a report on Friday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $111.67.

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 2,195 shares of Palomar stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.10, for a total transaction of $228,499.50. Following the completion of the sale, the president now owns 51,926 shares of the company's stock, valued at approximately $5,405,496.60. This trade represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. The trade was a 5.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,326 shares of company stock valued at $2,688,779. Company insiders own 4.30% of the company's stock.

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.