Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 25.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,216 shares of the company's stock after purchasing an additional 15,093 shares during the quarter. The Manufacturers Life Insurance Company owned 0.28% of Palomar worth $7,121,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Palomar in the 3rd quarter valued at $543,000. Westfield Capital Management Co. LP boosted its stake in shares of Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company's stock worth $37,339,000 after buying an additional 77,552 shares during the last quarter. Algert Global LLC raised its position in Palomar by 9.0% during the third quarter. Algert Global LLC now owns 41,085 shares of the company's stock valued at $3,890,000 after acquiring an additional 3,398 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Palomar by 6.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 230,552 shares of the company's stock valued at $21,826,000 after acquiring an additional 14,509 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in Palomar by 109.0% in the third quarter. Intech Investment Management LLC now owns 9,040 shares of the company's stock valued at $856,000 after acquiring an additional 4,714 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PLMR. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. 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. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $117.00 to $120.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Truist Financial boosted their price objective on Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research note on Thursday, August 8th. Finally, Piper Sandler raised their target price on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. 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, the company presently has an average rating of "Moderate Buy" and an average price target of $109.00.

Insider Activity at Palomar

In related news, President Jon Christianson sold 10,000 shares of the business's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. The trade was a 16.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the sale, the chief financial officer now owns 17,543 shares in the company, valued at $1,713,073.95. This trade represents a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,326 shares of company stock worth $3,632,779. Company insiders own 4.30% of the company's stock.

Palomar Stock Performance

Shares of NASDAQ PLMR traded down $2.59 during trading on Thursday, hitting $108.42. 185,948 shares of the company were exchanged, compared to its average volume of 162,718. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.10. The company has a fifty day moving average price of $99.21 and a 200-day moving average price of $92.51. The firm has a market capitalization of $2.87 billion, a PE ratio of 26.37 and a beta of 0.36.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the business posted $0.80 earnings per share. Research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

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.