Raymond James Financial Inc. bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 29,017 shares of the company's stock, valued at approximately $3,064,000. Raymond James Financial Inc. owned 0.11% of Palomar as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of Palomar in the third quarter valued at approximately $10,994,000. Soros Fund Management LLC purchased a new stake in Palomar in the 3rd quarter valued at $9,467,000. Artemis Investment Management LLP raised its position in Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Barclays PLC boosted its stake in Palomar by 112.6% during the 3rd quarter. Barclays PLC now owns 71,803 shares of the company's stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. Finally, Moody Aldrich Partners LLC grew its position in Palomar by 130.4% during the 4th quarter. Moody Aldrich Partners LLC now owns 62,322 shares of the company's stock worth $6,581,000 after purchasing an additional 35,270 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.
Insider Activity at Palomar
In related news, CEO Mac Armstrong sold 3,154 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the sale, the chief executive officer now owns 60,032 shares in the company, valued at $6,559,696.64. This represents a 4.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jonathan Knutzen sold 282 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the completion of the transaction, the insider now directly owns 20,098 shares of the company's stock, valued at $2,099,437.08. The trade was a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,097 shares of company stock worth $3,271,422 over the last 90 days. Company insiders own 4.30% of the company's stock.
Analyst Ratings Changes
Several brokerages have recently weighed in on PLMR. Truist Financial increased their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods increased their price objective on Palomar from $152.00 to $155.00 and gave the stock an "outperform" rating in a research report on Friday, March 21st. JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $127.83.
Check Out Our Latest Report on Palomar
Palomar Price Performance
NASDAQ PLMR traded up $3.18 on Wednesday, hitting $141.72. 269,080 shares of the company's stock were exchanged, compared to its average volume of 172,082. The firm's 50-day moving average price is $122.73 and its two-hundred day moving average price is $109.08. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 31.63 and a beta of 0.33. Palomar Holdings, Inc. has a fifty-two week low of $74.09 and a fifty-two week high of $142.18.
Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.
About Palomar
(
Free Report)
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.
Featured Stories
Before you consider Palomar, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Palomar wasn't on the list.
While Palomar currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
