Oppenheimer Asset Management Inc. Increases Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Oppenheimer Asset Management Inc. boosted its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 73.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,872 shares of the company’s stock after purchasing an additional 2,065 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Palomar were worth $395,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in shares of Palomar in the second quarter valued at approximately $49,000. DekaBank Deutsche Girozentrale purchased a new position in Palomar in the first quarter worth $59,000. Advisors Asset Management Inc. grew its stake in Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after purchasing an additional 425 shares during the period. Atwood & Palmer Inc. increased its position in shares of Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares during the last quarter. Finally, Covestor Ltd raised its stake in shares of Palomar by 29.0% during the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after purchasing an additional 266 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Activity

In related news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the sale, the president now owns 51,761 shares of the company’s stock, valued at approximately $4,728,367.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO T Christopher Uchida sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares in the company, valued at $2,038,806. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the sale, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,500 shares of company stock worth $3,795,836. 4.30% of the stock is owned by company insiders.

Palomar Price Performance

Shares of PLMR stock opened at $95.01 on Friday. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $100.29. The company’s fifty day simple moving average is $93.54 and its two-hundred day simple moving average is $85.62. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 27.30 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The business had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s quarterly revenue was up 47.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 EPS. Equities research analysts anticipate that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Truist Financial raised their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler upped their price objective on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Evercore ISI raised their target price on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods boosted their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

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.