Smartleaf Asset Management LLC Acquires 349 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Smartleaf Asset Management LLC lifted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 536.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 414 shares of the company’s stock after buying an additional 349 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Palomar were worth $43,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PLMR. Blue Trust Inc. acquired a new stake in Palomar in the 4th quarter valued at about $26,000. Farther Finance Advisors LLC increased its holdings in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares in the last quarter. Covestor Ltd raised its position in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the last quarter. KBC Group NV lifted its holdings in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after buying an additional 324 shares in the last quarter. Finally, Avanza Fonder AB acquired a new position in Palomar during the 4th quarter worth $143,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Up 4.1 %

NASDAQ:PLMR opened at $131.21 on Wednesday. Palomar Holdings, Inc. has a 1-year low of $71.54 and a 1-year high of $136.90. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 29.29 and a beta of 0.33. The business’s 50-day moving average price is $113.98 and its two-hundred day moving average price is $104.96.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 552 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total transaction of $68,039.52. Following the sale, the chief financial officer now owns 15,683 shares of the company’s stock, valued at $1,933,086.58. This trade represents a 3.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the transaction, the chief executive officer now owns 419,388 shares in the company, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,485 shares of company stock worth $4,098,195. Company insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PLMR. Keefe, Bruyette & Woods boosted their target price on Palomar from $136.00 to $152.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Truist Financial upped their target price on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities reiterated 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.33.

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.