Legal & General Group Plc Boosts Stock Position in Palomar Holdings, Inc. $PLMR

Legal & General Group Plc grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,704 shares of the company’s stock after purchasing an additional 2,322 shares during the quarter. Legal & General Group Plc owned approximately 0.28% of Palomar worth $11,523,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLMR. Informed Momentum Co LLC bought a new position in shares of Palomar during the 1st quarter worth $4,894,000. HighTower Advisors LLC boosted its position in Palomar by 252.8% during the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock worth $1,538,000 after purchasing an additional 8,038 shares during the period. Beacon Harbor Wealth Advisors Inc. bought a new position in Palomar during the first quarter worth about $6,943,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Palomar in the first quarter worth about $314,000. Finally, Axiom Investors LLC DE bought a new stake in shares of Palomar in the first quarter valued at approximately $3,251,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PLMR shares. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $164.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, November 11th. Evercore ISI dropped their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Piper Sandler lowered their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.67.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 782 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the sale, the chief financial officer owned 7,916 shares in the company, valued at $1,019,897.44. This trade represents a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the transaction, the chief executive officer owned 372,388 shares of the company’s stock, valued at $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 19,803 shares of company stock worth $2,348,771 in the last three months. Insiders own 3.70% of the company’s stock.

Palomar Trading Up 0.3%

PLMR stock opened at $124.27 on Monday. The company’s 50 day moving average is $118.92 and its 200 day moving average is $132.67. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 21.84 and a beta of 0.25. Palomar Holdings, Inc. has a 1-year low of $98.42 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS 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.