Stifel Financial Corp Purchases 6,926 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Stifel Financial Corp grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 78.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,734 shares of the company's stock after acquiring an additional 6,926 shares during the period. Stifel Financial Corp owned about 0.06% of Palomar worth $1,490,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after acquiring an additional 167,435 shares during the period. F M Investments LLC bought a new position in shares of Palomar in the second quarter valued at about $11,946,000. Point72 Asset Management L.P. acquired a new stake in shares of Palomar during the 3rd quarter worth about $10,994,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Palomar by 214.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock worth $13,445,000 after buying an additional 112,996 shares during the period. Finally, Atlas Capital Advisors LLC grew its stake in Palomar by 167.7% in the 2nd quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company's stock valued at $11,141,000 after buying an additional 86,000 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler raised their price objective on shares of Palomar from $105.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Jefferies Financial Group lifted their price target on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their target price on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and an average target price of $111.67.

Palomar Price Performance

Palomar stock traded up $1.12 during mid-day trading on Friday, reaching $104.93. 433,349 shares of the company were exchanged, compared to its average volume of 164,076. The company has a fifty day simple moving average of $102.14 and a 200-day simple moving average of $94.67. The firm has a market cap of $2.78 billion, a PE ratio of 24.92 and a beta of 0.36. Palomar Holdings, Inc. has a 12 month low of $54.50 and a 12 month high of $112.90.

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

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of the business's 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 completion of the transaction, the chief executive officer now owns 440,388 shares of the company's stock, valued at approximately $42,052,650.12. The trade was a 1.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 3,805 shares of the firm's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at $5,350,455.04. This trade represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,356 shares of company stock worth $2,802,955. 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.