Comerica Bank Acquires 9,804 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Comerica Bank increased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 25.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,020 shares of the company's stock after buying an additional 9,804 shares during the period. Comerica Bank owned about 0.18% of Palomar worth $5,071,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new position in shares of Palomar during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC increased its position in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares during the period. Jones Financial Companies Lllp raised its holdings in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after purchasing an additional 99 shares during the period. Finally, KBC Group NV boosted its stake in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after purchasing an additional 324 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,172 shares of the company's stock, valued at approximately $1,413,908. This represents a 8.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the transaction, the chief executive officer now directly owns 397,388 shares in the company, valued at $57,784,189.08. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,254 shares of company stock worth $2,443,484 in the last quarter. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods cut their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Finally, Jefferies Financial Group boosted their price target on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $148.33.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $155.69 on Tuesday. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $156.03. The business's 50 day simple moving average is $138.47 and its two-hundred day simple moving average is $117.67. The firm has a market cap of $4.16 billion, a P/E ratio of 34.75 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate 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 forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.