Virtu Financial LLC Purchases New Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Virtu Financial LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,097 shares of the company’s stock, valued at approximately $338,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares during the last quarter. Picton Mahoney Asset Management acquired a new stake in Palomar during the fourth quarter worth $108,000. AXS Investments LLC acquired a new stake in Palomar during the fourth quarter worth $170,000. Everence Capital Management Inc. acquired a new stake in Palomar during the fourth quarter worth $214,000. Finally, Dark Forest Capital Management LP acquired a new stake in Palomar during the third quarter worth $273,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Up 0.1 %

NASDAQ:PLMR opened at $80.97 on Thursday. The firm has a market cap of $2.02 billion, a PE ratio of 23.27 and a beta of 0.32. The stock has a fifty day moving average price of $81.95 and a 200 day moving average price of $72.61. Palomar Holdings, Inc. has a 12-month low of $48.08 and a 12-month high of $89.22.

Palomar (NASDAQ:PLMR) last released its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. The firm had revenue of $108.39 million during 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%. Palomar’s revenue was up 29.1% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. Equities analysts forecast that Palomar Holdings, Inc. will post 4.2 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the sale, the president now directly owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Palomar news, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the sale, the president now directly owns 57,761 shares of the company’s stock, valued at approximately $4,407,164.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.84, for a total value of $579,880.00. Following the sale, the chief executive officer now directly owns 461,388 shares of the company’s stock, valued at $38,221,381.92. The disclosure for this sale can be found here. Insiders sold 19,250 shares of company stock valued at $1,563,430 in the last ninety days. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial raised their target price on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Piper Sandler restated an “overweight” rating and set a $99.00 price target (up from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods raised their price target on Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.83.

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.