Contravisory Investment Management Inc. Invests $318,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Contravisory Investment Management Inc. purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,007 shares of the company's stock, valued at approximately $318,000.

Other large investors have also modified their holdings of the company. Harbor Capital Advisors Inc. raised its stake in Palomar by 28.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company's stock valued at $4,525,000 after purchasing an additional 9,396 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Palomar by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock valued at $12,133,000 after buying an additional 11,140 shares during the period. Hohimer Wealth Management LLC acquired a new stake in Palomar during the third quarter worth approximately $224,000. Geode Capital Management LLC raised its holdings in Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock valued at $56,822,000 after acquiring an additional 18,335 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Palomar by 112.6% during the 3rd quarter. Barclays PLC now owns 71,803 shares of the company's stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the completion of the sale, the chief executive officer now owns 433,388 shares in the company, valued at approximately $41,726,596.64. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Jon Christianson sold 819 shares of the company's stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $86,699.34. Following the completion of the sale, the president now directly owns 55,126 shares in the company, valued at $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,694 shares of company stock valued at $2,632,377 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PLMR shares. Keefe, Bruyette & Woods upped their target price on Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Piper Sandler upped their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Finally, 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 report on Thursday, November 7th. 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.com, Palomar currently has an average rating of "Moderate Buy" and an average price target of $115.50.

Palomar Stock Up 1.8 %

Shares of Palomar stock traded up $2.00 during trading hours on Friday, hitting $110.37. The company's stock had a trading volume of 106,382 shares, compared to its average volume of 126,354. The business has a fifty day moving average of $106.30 and a 200 day moving average of $97.54. Palomar Holdings, Inc. has a 1-year low of $57.55 and a 1-year high of $112.90. The company has a market capitalization of $2.92 billion, a PE ratio of 26.22 and a beta of 0.38.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 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 company had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period last year, the company posted $0.80 earnings per share. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal 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.