Exchange Traded Concepts LLC Takes $731,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Exchange Traded Concepts LLC purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,719 shares of the company’s stock, valued at approximately $731,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PLMR. Artemis Investment Management LLP purchased a new stake in shares of Palomar during the 1st quarter valued at about $20,904,000. Victory Capital Management Inc. increased its holdings in Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares in the last quarter. F M Investments LLC purchased a new stake in Palomar in the 2nd quarter worth approximately $11,946,000. Allspring Global Investments Holdings LLC increased its holdings in Palomar by 214.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after acquiring an additional 112,996 shares in the last quarter. Finally, Atlas Capital Advisors LLC increased its holdings in Palomar by 167.7% in the 2nd quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock worth $11,141,000 after acquiring an additional 86,000 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

NASDAQ PLMR opened at $97.09 on Friday. The company has a market capitalization of $2.43 billion, a P/E ratio of 25.62 and a beta of 0.33. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $103.40. The stock has a 50 day moving average price of $95.83 and a 200-day moving average price of $87.83.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.72 EPS. As a group, equities analysts predict that Palomar Holdings, Inc. will post 4.36 EPS for the current fiscal year.

Insider Activity

In related news, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at $5,350,455.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now directly owns 17,543 shares in the company, valued at $1,713,073.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 3,805 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,520 shares of company stock worth $2,952,526. 4.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PLMR shares. JPMorgan Chase & Co. increased their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Jefferies Financial Group increased their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Piper Sandler increased their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $105.50.

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.