Stifel Financial Corp Grows Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Stifel Financial Corp lifted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 78.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,734 shares of the company’s stock after acquiring an additional 6,926 shares during the quarter. Stifel Financial Corp owned approximately 0.06% of Palomar worth $1,490,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after purchasing an additional 167,435 shares during the period. Driehaus Capital Management LLC lifted its holdings in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares during the period. Thrivent Financial for Lutherans boosted its position in Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after acquiring an additional 12,147 shares in the last quarter. Moran Wealth Management LLC purchased a new position in shares of Palomar in the 3rd quarter valued at $547,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Palomar during the 3rd quarter worth $1,711,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Trading Up 1.1 %

NASDAQ:PLMR opened at $104.93 on Friday. The company’s 50 day moving average is $102.14 and its two-hundred day moving average is $94.59. The company has a market cap of $2.78 billion, a PE ratio of 24.92 and a beta of 0.36. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.90.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the firm earned $0.80 EPS. As a group, analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Piper Sandler boosted their price objective on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.67.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 3,805 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their ownership of the stock. The transaction 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 Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now 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. Insiders sold a total of 28,356 shares of company stock worth $2,802,955 over the last three months. 4.30% of the stock is currently owned by insiders.

Palomar 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.