Public Sector Pension Investment Board Increases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Public Sector Pension Investment Board grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 55,565 shares of the company’s stock after buying an additional 700 shares during the period. Public Sector Pension Investment Board owned approximately 0.21% of Palomar worth $5,260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. bought a new position in Palomar in the 3rd quarter valued at approximately $25,000. GAMMA Investing LLC raised its stake in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Palomar during the second quarter valued at $49,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Palomar in the 1st quarter worth about $59,000. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $108.30 on Monday. The stock has a market cap of $2.87 billion, a P/E ratio of 25.72 and a beta of 0.34. The stock’s fifty day moving average is $98.43 and its 200 day moving average is $92.07. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $111.27.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million for 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 last year, the company earned $0.80 earnings per share. Analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction that occurred 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 sale, the chief executive officer now owns 50,312 shares of the company’s stock, 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 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the president now owns 51,926 shares of the company’s stock, valued at $4,901,814.40. The trade was a 16.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,326 shares of company stock valued at $3,632,779 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PLMR shares. Piper Sandler raised their price target on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Truist Financial raised their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Evercore ISI upped their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

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.