Dakota Wealth Management Trims Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Dakota Wealth Management lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,035 shares of the company’s stock after selling 185 shares during the period. Dakota Wealth Management’s holdings in Palomar were worth $246,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. CWM LLC increased its position in Palomar by 15.7% during the second quarter. CWM LLC now owns 1,601 shares of the company’s stock worth $130,000 after purchasing an additional 217 shares during the last quarter. Signaturefd LLC increased its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares in the last quarter. Covestor Ltd boosted its stake in shares of 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 purchasing an additional 266 shares during the period. Conestoga Capital Advisors LLC boosted its stake in shares of Palomar by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock valued at $2,298,000 after purchasing an additional 270 shares during the period. Finally, Texas Permanent School Fund Corp boosted its stake in shares of Palomar by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after purchasing an additional 280 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of PLMR stock traded down $0.24 during trading hours on Wednesday, reaching $93.70. The stock had a trading volume of 7,024 shares, compared to its average volume of 166,936. The firm has a market capitalization of $2.34 billion, a PE ratio of 26.99 and a beta of 0.31. The firm has a 50-day simple moving average of $86.74 and a 200-day simple moving average of $81.35. Palomar Holdings, Inc. has a twelve month low of $48.08 and a twelve month high of $96.44.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. During the same quarter last year, the company earned $0.72 EPS. Palomar’s quarterly revenue was up 47.0% on a year-over-year basis. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 4.29 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Thomas A. Bradley bought 1,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the transaction, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Thomas A. Bradley acquired 1,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the transaction, the director now owns 4,724 shares of the company’s stock, valued at approximately $422,420.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $94.00, for a total transaction of $164,500.00. Following the completion of the sale, the chief financial officer now directly owns 22,344 shares of the company’s stock, valued at $2,100,336. The disclosure for this sale can be found here. Insiders have sold 39,750 shares of company stock worth $3,470,896 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on PLMR. Truist Financial upped 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. Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, Piper Sandler raised their price target on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Three 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.33.

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.