Truist Financial Corp Takes Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Truist Financial Corp acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,676 shares of the company’s stock, valued at approximately $461,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC bought a new position in shares of Palomar in the second quarter worth about $49,000. DekaBank Deutsche Girozentrale bought a new position in shares of Palomar during the 1st quarter worth approximately $59,000. Advisors Asset Management Inc. lifted its holdings in shares of Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after purchasing an additional 425 shares in the last quarter. Atwood & Palmer Inc. lifted its holdings in shares of Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after purchasing an additional 300 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after purchasing an additional 266 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

PLMR opened at $98.02 on Thursday. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $103.40. The stock has a market capitalization of $2.44 billion, a PE ratio of 28.17 and a beta of 0.33. The stock’s 50 day moving average price is $95.60 and its 200-day moving average price is $87.66.

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

Analyst Ratings Changes

Several equities analysts have weighed in on PLMR shares. Piper Sandler raised 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. Truist Financial lifted their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods lifted their target price on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Jefferies Financial Group lifted their price target on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI boosted 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $105.50.

Insiders Place Their Bets

In other news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $98.45, for a total transaction of $196,900.00. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $5,112,114.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Palomar news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $98.45, for a total value of $196,900.00. Following the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $5,112,114.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the acquisition, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 30,520 shares of company stock valued at $2,952,526. 4.30% of the stock is currently owned by corporate insiders.

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.