Farther Finance Advisors LLC Acquires 378 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Farther Finance Advisors LLC raised its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 490.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 455 shares of the company’s stock after acquiring an additional 378 shares during the quarter. Farther Finance Advisors LLC’s holdings in Palomar were worth $43,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PLMR. Janney Montgomery Scott LLC bought a new position in shares of Palomar during the 1st quarter worth approximately $602,000. Quadrature Capital Ltd lifted its holdings in shares of Palomar by 155.9% during the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock valued at $1,906,000 after purchasing an additional 13,873 shares during the last quarter. Driehaus Capital Management LLC boosted its position in shares of Palomar by 17.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after purchasing an additional 43,841 shares in the last quarter. Victory Capital Management Inc. grew its stake in Palomar by 1,634.6% during the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after buying an additional 167,435 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Palomar by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after buying an additional 40,453 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the sale, the president now owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. This trade represents a 16.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 in the company, valued at approximately $1,708,928. The trade was a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,076 shares of company stock worth $3,806,029 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on PLMR. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler upped their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Evercore ISI lifted their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group increased 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Palomar Trading Up 3.3 %

Shares of NASDAQ:PLMR opened at $104.33 on Friday. The company has a market capitalization of $2.76 billion, a PE ratio of 24.52 and a beta of 0.34. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $107.00. The business has a 50 day moving average of $95.42 and a two-hundred day moving average of $89.86.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the company earned $0.80 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 4.32 earnings per share for the current fiscal year.

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.