State Street Corp Acquires 32,151 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

State Street Corp increased its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,097,702 shares of the company's stock after purchasing an additional 32,151 shares during the quarter. State Street Corp owned approximately 4.15% of Palomar worth $103,919,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PLMR. GAMMA Investing LLC lifted its holdings in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock worth $36,000 after acquiring an additional 125 shares during the period. Arizona State Retirement System raised its position in Palomar by 2.4% in 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 in the last quarter. Covestor Ltd lifted its stake in Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company's stock worth $102,000 after purchasing an additional 181 shares during the period. Louisiana State Employees Retirement System boosted its holdings in Palomar by 1.6% during the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company's stock valued at $1,202,000 after purchasing an additional 200 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Palomar by 15.7% in the 2nd quarter. CWM LLC now owns 1,601 shares of the company's stock worth $130,000 after buying an additional 217 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Trading Up 2.3 %

NASDAQ PLMR traded up $2.50 on Monday, hitting $112.17. 137,894 shares of the company were exchanged, compared to its average volume of 162,352. The company has a market cap of $2.97 billion, a P/E ratio of 26.64 and a beta of 0.36. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $112.50. The firm has a 50 day moving average of $100.92 and a two-hundred day moving average of $93.87.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results 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 net margin of 21.55% and a return on equity of 19.65%. The business had revenue of $148.50 million for the quarter, compared to analysts' expectations of $134.72 million. During the same period in the prior year, the firm earned $0.80 earnings per share. Research analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 1,111 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $104.00, for a total value of $115,544.00. Following the transaction, the chief financial officer now directly owns 16,432 shares in the company, valued at $1,708,928. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares of the company's stock, valued at $42,052,650.12. This represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,326 shares of company stock worth $2,688,779 over the last 90 days. 4.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of analyst reports. Piper Sandler upped their price target on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Jefferies Financial Group upped their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $111.67.

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.