JPMorgan Chase & Co. Increases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

JPMorgan Chase & Co. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 37.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 176,561 shares of the company's stock after purchasing an additional 48,396 shares during the period. JPMorgan Chase & Co. owned approximately 0.67% of Palomar worth $18,643,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Blue Trust Inc. acquired a new position in Palomar in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC lifted its position in shares of Palomar by 536.9% during 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 in the last quarter. Jones Financial Companies Lllp grew its stake in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after acquiring an additional 191 shares during the period. Farther Finance Advisors LLC increased its holdings in Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after acquiring an additional 99 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after purchasing an additional 324 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Palomar Trading Down 1.4 %

PLMR stock traded down $2.18 during midday trading on Wednesday, hitting $152.16. 28,205 shares of the company's stock were exchanged, compared to its average volume of 183,559. Palomar Holdings, Inc. has a 1-year low of $74.77 and a 1-year high of $162.50. The stock has a market capitalization of $4.06 billion, a PE ratio of 33.97 and a beta of 0.46. The business has a 50-day simple moving average of $130.15 and a two-hundred day simple moving average of $112.41.

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

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total transaction of $768,320.00. Following the sale, the chief executive officer now directly owns 412,388 shares of the company's stock, valued at $45,263,706.88. This represents a 1.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $150.24, for a total transaction of $150,240.00. Following the completion of the transaction, the chief financial officer now directly owns 8,172 shares of the company's stock, valued at $1,227,761.28. This represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,943 shares of company stock worth $3,221,024. Insiders own 4.30% of the company's stock.

Palomar 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.