Algert Global LLC Purchases 3,499 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Algert Global LLC increased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 8.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 44,584 shares of the company's stock after buying an additional 3,499 shares during the period. Algert Global LLC owned 0.17% of Palomar worth $4,708,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PLMR. JPMorgan Chase & Co. lifted its position in Palomar by 9.5% during the 3rd 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 last quarter. Principal Financial Group Inc. increased its stake in shares of Palomar by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company's stock worth $15,579,000 after purchasing an additional 7,875 shares during the period. Artemis Investment Management LLP lifted its position in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock worth $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Atlas Capital Advisors Inc. boosted its stake in Palomar by 175.5% during the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock valued at $14,918,000 after purchasing an additional 90,000 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in Palomar by 28.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company's stock valued at $4,525,000 after buying an additional 9,396 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several research reports. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group increased their price target on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. JMP Securities restated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, February 14th. Finally, Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $148.33.

Palomar Stock Performance

Shares of PLMR stock opened at $155.69 on Tuesday. The firm has a fifty day moving average of $138.47 and a 200-day moving average of $117.67. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $156.03. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 34.75 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly 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, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the completion of the transaction, the chief executive officer now directly owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. This trade represents a 4.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 552 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the completion of the sale, the chief financial officer now owns 15,683 shares in the company, valued at $1,933,086.58. This represents a 3.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,254 shares of company stock worth $2,443,484 in the last 90 days. 3.70% of the stock is owned by company 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.

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