Federated Hermes Inc. Has $19.25 Million Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Federated Hermes Inc. grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 9.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 237,259 shares of the company's stock after acquiring an additional 20,143 shares during the quarter. Federated Hermes Inc. owned about 0.95% of Palomar worth $19,254,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PLMR. Arizona State Retirement System lifted its position in Palomar by 2.4% during the second quarter. Arizona State Retirement System now owns 6,961 shares of the company's stock worth $565,000 after purchasing an additional 164 shares during the period. CWM LLC raised its position in shares of Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company's stock valued at $130,000 after buying an additional 217 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Palomar by 29.0% during the 1st quarter. Covestor Ltd now owns 1,183 shares of the company's stock worth $99,000 after acquiring an additional 266 shares during the period. Conestoga Capital Advisors LLC boosted its position in shares of Palomar by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company's stock worth $2,298,000 after acquiring an additional 270 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in Palomar by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company's stock valued at $1,814,000 after acquiring an additional 280 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLMR has been the subject of several recent analyst reports. Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 6th. Piper Sandler upped their price objective on Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Palomar from $88.00 to $91.00 and gave the company a "neutral" rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods boosted their target price on Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 13th. Finally, Truist Financial raised their price target on shares of Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $101.33.

Palomar Trading Up 1.0 %

PLMR traded up $0.95 on Monday, reaching $95.78. The stock had a trading volume of 97,287 shares, compared to its average volume of 163,948. The firm has a 50-day moving average of $92.19 and a 200-day moving average of $84.93. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $100.29. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 27.78 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The firm's revenue was up 47.0% compared to the same quarter last year. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 2,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the sale, the president now directly owns 53,761 shares in the company, valued at $4,365,930.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Jon Christianson sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total value of $162,420.00. Following the sale, the president now directly owns 53,761 shares in the company, valued at $4,365,930.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now owns 20,594 shares of the company's stock, valued at approximately $2,038,806. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,500 shares of company stock worth $4,588,146. Company insiders own 4.30% of the company's stock.

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.