Raymond James Financial Inc. Buys New Shares in Palomar Holdings, Inc. (NASDAQ:PLMR)

Raymond James Financial Inc. acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 29,017 shares of the company’s stock, valued at approximately $3,064,000. Raymond James Financial Inc. owned approximately 0.11% of Palomar as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after acquiring an additional 32,151 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Palomar by 9.5% in the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after acquiring an additional 11,140 shares during the period. HighTower Advisors LLC purchased a new position in shares of Palomar in the 3rd quarter worth $1,711,000. Finally, Principal Financial Group Inc. grew its stake in shares of Palomar by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after purchasing an additional 7,875 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PLMR. Piper Sandler lifted their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Truist Financial raised their price target on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods upped their price objective on Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $127.83.

Palomar Price Performance

Shares of Palomar stock opened at $136.77 on Friday. The firm’s 50-day moving average is $120.94 and its two-hundred day moving average is $108.01. Palomar Holdings, Inc. has a 1 year low of $74.09 and a 1 year high of $138.69. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 30.53 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 4,170 shares of the business’s stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $441,436.20. Following the completion of the transaction, the chief executive officer now owns 56,936 shares of the company’s stock, valued at $6,027,244.96. The trade was a 6.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the firm’s stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the sale, the chief financial officer now directly owns 16,943 shares in the company, valued at $1,722,933.67. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,455 shares of company stock valued at $3,911,340 in the last ninety days. Corporate insiders own 4.30% of the company’s stock.

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.