Moody Aldrich Partners LLC Buys 53,499 Shares of Palomar Holdings, Inc. $PLMR

Moody Aldrich Partners LLC acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 53,499 shares of the company’s stock, valued at approximately $6,596,000. Palomar accounts for about 1.3% of Moody Aldrich Partners LLC’s portfolio, making the stock its 12th largest holding.

A number of other large investors also recently modified their holdings of PLMR. BlackRock Inc. purchased a new position in shares of Palomar during the 2nd quarter valued at about $556,348,000. Jupiter Topco LLC purchased a new stake in Palomar in the second quarter worth approximately $132,166,000. Freestone Grove Partners LP purchased a new stake in Palomar in the second quarter worth approximately $78,657,000. Bank of New York Mellon Corp bought a new position in Palomar during the second quarter valued at approximately $30,966,000. Finally, Empowered Funds LLC bought a new position in Palomar during the second quarter valued at approximately $24,691,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of PLMR stock opened at $136.44 on Thursday. The stock has a market cap of $3.59 billion, a PE ratio of 18.34 and a beta of 0.35. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company’s fifty day moving average price is $132.83 and its 200-day moving average price is $126.32.

Palomar (NASDAQ:PLMR) last announced its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same quarter last year, the firm earned $1.76 earnings per share. On average, equities analysts expect that Palomar Holdings, Inc. will post 9.27 EPS for the current fiscal year.

Analysts Set New Price Targets

PLMR has been the topic of several research reports. Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 16th. Piper Sandler upped their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Zacks Research upgraded Palomar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 30th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $160.00.

Insider Buying and Selling

In related news, President Jon Christianson sold 528 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $67,452.00. Following the sale, the president owned 66,970 shares in the company, valued at $8,555,417.50. This represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jonathan Knutzen sold 296 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $37,814.00. Following the transaction, the insider directly owned 28,250 shares of the company’s stock, valued at approximately $3,608,937.50. This trade represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 13,322 shares of company stock worth $1,783,291 over the last three months. Corporate insiders own 3.70% of the company’s stock.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.