Silvercrest Asset Management Group LLC Has $7.23 Million Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Silvercrest Asset Management Group LLC increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,299 shares of the company’s stock after purchasing an additional 604 shares during the period. Silvercrest Asset Management Group LLC owned approximately 0.35% of Palomar worth $7,234,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PLMR. Signaturefd LLC grew its stake in Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after acquiring an additional 221 shares during the period. Advisors Asset Management Inc. grew its stake in Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after acquiring an additional 425 shares during the period. Atwood & Palmer Inc. grew its stake in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the period. Covestor Ltd grew its stake in Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in Palomar in the fourth quarter valued at about $108,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on PLMR. Truist Financial boosted their price target on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Evercore ISI boosted their price target on Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a report on Wednesday, May 29th. Piper Sandler restated an “overweight” rating and issued a $99.00 price target (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their price target on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Wednesday, May 29th. Finally, JPMorgan Chase & Co. boosted their price target on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.83.

Insider Activity

In other news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total value of $182,700.00. Following the transaction, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Thomas A. Bradley purchased 1,000 shares of Palomar stock in a transaction that occurred on Tuesday, May 7th. The shares were acquired at an average price of $84.32 per share, with a total value of $84,320.00. Following the completion of the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $210,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total value of $182,700.00. Following the sale, the president now directly owns 51,761 shares in the company, valued at approximately $4,728,367.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,250 shares of company stock valued at $4,080,716. 4.30% of the stock is owned by insiders.

Palomar Stock Up 3.7 %

NASDAQ:PLMR opened at $92.05 on Wednesday. The stock’s 50 day moving average price is $84.38 and its two-hundred day moving average price is $78.09. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 26.45 and a beta of 0.31. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $93.51.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.28. The firm had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 earnings per share. Equities research analysts expect that Palomar Holdings, Inc. will post 4.18 EPS for the current year.

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.