Exchange Traded Concepts LLC Invests $731,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Exchange Traded Concepts LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,719 shares of the company's stock, valued at approximately $731,000.

Other large investors have also recently bought and sold shares of the company. CWM LLC lifted its stake in shares of Palomar by 31.7% during the 3rd quarter. CWM LLC now owns 2,109 shares of the company's stock worth $200,000 after buying an additional 508 shares during the last quarter. Artemis Investment Management LLP increased its holdings in Palomar by 12.9% in the 3rd quarter. Artemis Investment Management LLP now owns 383,276 shares of the company's stock valued at $36,285,000 after buying an additional 43,812 shares during the period. GAMMA Investing LLC lifted its stake in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company's stock worth $36,000 after purchasing an additional 125 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in Palomar by 0.4% in the third quarter. Handelsbanken Fonder AB now owns 239,267 shares of the company's stock valued at $22,651,000 after buying an additional 1,000 shares in the last quarter. Finally, Truist Financial Corp bought a new stake in shares of Palomar during the 2nd quarter valued at approximately $461,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Trading Down 0.3 %

PLMR stock traded down $0.31 during midday trading on Friday, reaching $97.09. 74,256 shares of the company's stock traded hands, compared to its average volume of 164,202. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $103.40. The stock's 50-day moving average is $95.83 and its 200 day moving average is $87.87. The stock has a market cap of $2.43 billion, a P/E ratio of 25.62 and a beta of 0.33.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. During the same period last year, the firm posted $0.72 EPS. The company's revenue was up 47.0% on a year-over-year basis. As a group, research analysts expect that Palomar Holdings, Inc. will post 4.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $96.00 to $113.00 and gave the company an "outperform" rating in a report on Tuesday, August 13th. Piper Sandler raised their price objective on Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. Jefferies Financial Group increased their price target on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, Truist Financial increased their target price 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Palomar presently has a consensus rating of "Moderate Buy" and a consensus target price of $105.50.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $94.00, for a total value of $164,500.00. Following the transaction, the chief financial officer now directly owns 22,344 shares in the company, valued at approximately $2,100,336. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Palomar news, Director Thomas A. Bradley purchased 1,000 shares of the business's stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the purchase, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the business's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $94.00, for a total transaction of $164,500.00. Following the completion of the sale, the chief financial officer now directly owns 22,344 shares of the company's stock, valued at approximately $2,100,336. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,520 shares of company stock valued at $2,952,526. 4.30% of the stock is currently owned by company insiders.

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.