Crestwood Advisors Group LLC Acquires New Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Crestwood Advisors Group LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,320 shares of the company's stock, valued at approximately $2,374,000. Crestwood Advisors Group LLC owned 0.06% of Palomar as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV increased its holdings in shares of Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after buying an additional 95 shares during the last quarter. Hohimer Wealth Management LLC increased its holdings in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares in the last quarter. Covestor Ltd increased its holdings in Palomar by 13.8% in the 4th quarter. Covestor Ltd now owns 1,224 shares of the company's stock valued at $129,000 after purchasing an additional 148 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after purchasing an additional 190 shares in the last quarter. Finally, LPL Financial LLC increased its holdings in Palomar by 6.7% in the 4th quarter. LPL Financial LLC now owns 3,082 shares of the company's stock valued at $325,000 after purchasing an additional 194 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $140.10, for a total value of $700,500.00. Following the sale, the chief executive officer owned 382,388 shares in the company, valued at approximately $53,572,558.80. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy Carter sold 473 shares of the firm's stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider owned 361 shares in the company, valued at $55,467.65. This represents a 56.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,164 shares of company stock worth $3,061,089. 3.70% of the stock is owned by company insiders.

Palomar Trading Up 0.9%

NASDAQ PLMR traded up $1.15 during trading hours on Friday, reaching $132.92. The company's stock had a trading volume of 124,209 shares, compared to its average volume of 272,429. The business has a 50-day simple moving average of $154.18 and a 200 day simple moving average of $138.08. Palomar Holdings, Inc. has a 52 week low of $82.54 and a 52 week high of $175.85. The stock has a market cap of $3.55 billion, a PE ratio of 26.49 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The firm had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same quarter last year, the company posted $1.09 earnings per share. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

PLMR has been the subject of several recent research reports. Truist Financial increased their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Evercore ISI upped their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research report on Monday, June 30th. Three research 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, Palomar currently has an average rating of "Moderate Buy" and a consensus price target of $174.17.

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.