Freedom Investment Management Inc. Invests $252,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Freedom Investment Management Inc. purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,384 shares of the company's stock, valued at approximately $252,000.

Several other hedge funds have also recently bought and sold shares of the company. Barclays PLC grew its holdings in Palomar by 112.6% in the third quarter. Barclays PLC now owns 71,803 shares of the company's stock valued at $6,798,000 after purchasing an additional 38,027 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after buying an additional 11,140 shares in the last quarter. Harbor Capital Advisors Inc. grew 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 acquiring an additional 9,396 shares during the last quarter. Contravisory Investment Management Inc. purchased a new position in Palomar during the 4th quarter valued at about $318,000. Finally, Avanza Fonder AB acquired a new position in Palomar during the fourth quarter worth about $143,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 394 shares of the business's stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the sale, the chief financial officer now owns 16,943 shares of the company's stock, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 2,791 shares of the firm's stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $283,816.79. Following the completion of the transaction, the chief executive officer now owns 62,639 shares in the company, valued at approximately $6,369,759.91. This trade represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,615 shares of company stock valued at $2,906,319. Insiders own 4.30% of the company's stock.

Analyst Ratings Changes

PLMR has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price target 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. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. JMP Securities restated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Jefferies Financial Group lifted their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $148.33.

Palomar Stock Up 2.6 %

Shares of NASDAQ:PLMR opened at $147.96 on Wednesday. The business has a fifty day simple moving average of $133.72 and a 200-day simple moving average of $114.20. Palomar Holdings, Inc. has a 52 week low of $77.17 and a 52 week high of $155.87. The company has a market cap of $3.96 billion, a P/E ratio of 33.03 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data 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 net margin of 21.23% and a return on equity of 19.76%. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share 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.

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