Charles Schwab Investment Management Inc. Increases Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Charles Schwab Investment Management Inc. boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 230,552 shares of the company’s stock after buying an additional 14,509 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.87% of Palomar worth $21,826,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Palomar in the third quarter valued at approximately $25,000. GAMMA Investing LLC increased its stake in Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the period. Farther Finance Advisors LLC grew its stake in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Palomar in the second quarter worth approximately $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Palomar in the first quarter valued at $59,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Piper Sandler upped their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Truist Financial increased their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Stock Down 2.3 %

Shares of PLMR opened at $108.42 on Friday. Palomar Holdings, Inc. has a 52-week low of $54.50 and a 52-week high of $112.10. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 25.75 and a beta of 0.36. The business’s 50 day moving average is $99.47 and its two-hundred day moving average is $92.63.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same quarter last year, the business posted $0.80 EPS. On average, equities analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,111 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $104.00, for a total transaction of $115,544.00. Following the transaction, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at $1,708,928. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,326 shares of company stock valued at $2,688,779. Corporate insiders own 4.30% of the company’s stock.

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.