Soros Fund Management LLC Purchases New Shares in Palomar Holdings, Inc. (NASDAQ:PLMR)

Soros Fund Management LLC acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 100,000 shares of the company's stock, valued at approximately $9,467,000. Soros Fund Management LLC owned approximately 0.38% of Palomar as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock worth $14,419,000 after buying an additional 167,435 shares during the last quarter. F M Investments LLC bought a new stake in shares of Palomar in the 2nd quarter worth about $11,946,000. Point72 Asset Management L.P. acquired a new stake in shares of Palomar in the 3rd quarter valued at about $10,994,000. Allspring Global Investments Holdings LLC lifted its position in shares of Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock worth $13,445,000 after purchasing an additional 112,996 shares during the last quarter. Finally, Artemis Investment Management LLP grew its stake in Palomar by 36.1% in the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company's stock worth $27,548,000 after purchasing an additional 90,010 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $98.21, for a total transaction of $312,798.85. Following the transaction, the chief executive officer now directly owns 50,312 shares in the company, valued at approximately $4,941,141.52. This trade represents a 5.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 2,195 shares of the company's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the sale, the president now owns 51,926 shares of the company's stock, valued at approximately $5,405,496.60. This trade represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,326 shares of company stock valued at $2,688,779. 4.30% of the stock is currently owned by corporate insiders.

Palomar Trading Up 0.7 %

NASDAQ:PLMR traded up $0.76 during mid-day trading on Friday, hitting $109.18. The stock had a trading volume of 58,971 shares, compared to its average volume of 162,270. Palomar Holdings, Inc. has a 52 week low of $54.50 and a 52 week high of $112.10. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 26.43 and a beta of 0.36. The company has a 50 day simple moving average of $99.47 and a 200-day simple moving average of $92.63.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million for the quarter, compared to analysts' expectations of $134.72 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLMR. Piper Sandler increased their target price on Palomar from $105.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Truist Financial boosted their target price 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. JPMorgan Chase & Co. raised their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a research report on Friday. 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 price target of $111.67.

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.