Cambridge Investment Research Advisors Inc. Acquires Shares of 2,017 Palomar Holdings, Inc. (NASDAQ:PLMR)

Cambridge Investment Research Advisors Inc. acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,017 shares of the company's stock, valued at approximately $276,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the period. Avantax Advisory Services Inc. increased its holdings in shares of Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock valued at $616,000 after purchasing an additional 145 shares during the period. Covestor Ltd increased its holdings in shares of Palomar by 13.8% in the fourth quarter. Covestor Ltd now owns 1,224 shares of the company's stock valued at $129,000 after purchasing an additional 148 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Palomar by 8.7% in the first 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 during the period. Finally, Jones Financial Companies Lllp increased its holdings in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after purchasing an additional 191 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Truist Financial upped their price objective on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Keefe, Bruyette & Woods dropped their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday, June 30th. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Palomar has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Stock Performance

Palomar stock opened at $135.01 on Friday. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 26.95 and a beta of 0.46. Palomar Holdings, Inc. has a fifty-two week low of $82.55 and a fifty-two week high of $175.85. The stock's fifty day moving average is $157.37 and its two-hundred day moving average is $136.18.

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

Insider Activity

In related news, insider Timothy Carter sold 473 shares of the stock in a transaction dated Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider directly owned 361 shares in the company, valued at approximately $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the transaction, the chief executive officer owned 387,388 shares in the company, valued at $61,261,538.32. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,175 shares of company stock worth $3,276,251 over the last three months. 3.70% of the stock is currently owned by corporate 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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