JPMorgan Chase & Co. Grows Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

JPMorgan Chase & Co. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 9.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 128,165 shares of the company's stock after purchasing an additional 11,140 shares during the period. JPMorgan Chase & Co. owned approximately 0.48% of Palomar worth $12,133,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar during the 3rd quarter worth about $25,000. GAMMA Investing LLC grew its position in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after acquiring an additional 125 shares during the period. Farther Finance Advisors LLC grew its position in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after acquiring an additional 378 shares during the period. Covestor Ltd grew its position in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company's stock valued at $102,000 after acquiring an additional 181 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Palomar by 152.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company's stock valued at $143,000 after acquiring an additional 1,073 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods raised their target price on Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Piper Sandler raised their target price on Palomar from $119.00 to $133.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. JPMorgan Chase & Co. raised their target price on Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group raised their target price on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.50.

Palomar Price Performance

PLMR stock traded down $4.36 during trading on Friday, hitting $101.51. The stock had a trading volume of 158,312 shares, compared to its average volume of 136,785. Palomar Holdings, Inc. has a twelve month low of $56.67 and a twelve month high of $112.90. The stock has a market capitalization of $2.69 billion, a P/E ratio of 24.11 and a beta of 0.38. The company's 50-day moving average price is $105.26 and its two-hundred day moving average price is $97.08.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $134.72 million. During the same period last year, the company posted $0.80 EPS. As a group, sell-side analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company's stock, valued at $1,772,934.90. This trade represents a 6.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.45, for a total transaction of $196,900.00. Following the sale, the president now directly owns 51,926 shares in the company, valued at approximately $5,112,114.70. The trade was a 3.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,909 shares of company stock valued at $3,242,655 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

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.