Cerity Partners LLC Raises Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Cerity Partners LLC lifted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2,825.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,449 shares of the company's stock after acquiring an additional 68,041 shares during the quarter. Cerity Partners LLC owned 0.26% of Palomar worth $9,657,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after buying an additional 202 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Palomar during the first quarter valued at approximately $46,000. Jones Financial Companies Lllp lifted its position in Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after acquiring an additional 191 shares during the last quarter. NBC Securities Inc. acquired a new stake in Palomar in the first quarter valued at approximately $53,000. Finally, USA Financial Formulas acquired a new position in shares of Palomar during the first quarter worth $55,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PLMR shares. Evercore ISI raised their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Truist Financial upped their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Piper Sandler lifted their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average target price of $174.17.

Insiders Place Their Bets

In other Palomar news, insider Timothy Carter sold 473 shares of the firm's stock in a transaction that occurred on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the sale, the insider directly owned 361 shares of the company's stock, valued at approximately $55,467.65. This trade represents a 56.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total transaction of $790,700.00. Following the transaction, the chief executive officer owned 387,388 shares of the company's stock, valued at $61,261,538.32. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,973 shares of company stock worth $2,635,976. Corporate insiders own 3.70% of the company's stock.

Palomar Trading Up 0.5%

Shares of PLMR stock traded up $0.71 during trading hours on Tuesday, hitting $141.88. The company's stock had a trading volume of 382,830 shares, compared to its average volume of 221,843. The stock has a market cap of $3.79 billion, a PE ratio of 28.32 and a beta of 0.46. Palomar Holdings, Inc. has a 12-month low of $82.55 and a 12-month high of $175.85. The company has a 50 day moving average of $157.08 and a 200 day moving average of $136.65.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS 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 net margin of 21.99% and a return on equity of 20.56%. During the same period in the prior year, the company earned $1.09 earnings per share. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

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.