Envestnet Asset Management Inc. Boosts Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Envestnet Asset Management Inc. grew its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 9.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,523 shares of the company's stock after acquiring an additional 3,835 shares during the period. Envestnet Asset Management Inc. owned 0.17% of Palomar worth $6,103,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PLMR. Opal Wealth Advisors LLC bought a new position in shares of Palomar during the first quarter worth approximately $46,000. NBC Securities Inc. bought a new position in Palomar in the 1st quarter valued at approximately $53,000. USA Financial Formulas bought a new stake in Palomar during the 1st quarter worth $55,000. GAMMA Investing LLC raised its holdings in Palomar by 101.7% in the 1st quarter. GAMMA Investing LLC now owns 728 shares of the company's stock valued at $100,000 after buying an additional 367 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of Palomar by 13.8% in the fourth quarter. Covestor Ltd now owns 1,224 shares of the company's stock worth $129,000 after purchasing an additional 148 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PLMR shares. 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 note on Friday, May 30th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and raised their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Piper Sandler increased their price objective on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

Palomar Stock Performance

PLMR traded down $5.16 during midday trading on Thursday, hitting $131.77. The stock had a trading volume of 383,280 shares, compared to its average volume of 326,721. The company has a market cap of $3.52 billion, a P/E ratio of 26.30 and a beta of 0.46. Palomar Holdings, Inc. has a 1 year low of $82.54 and a 1 year high of $175.85. The business has a fifty day moving average of $154.69 and a 200 day moving average of $137.91.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly 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. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. During the same quarter in the prior year, the company posted $1.09 EPS. On average, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the completion of the sale, the chief executive officer owned 392,388 shares of the company's stock, valued at $63,551,160.48. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Timothy Carter sold 473 shares of the business's stock in a transaction dated Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the sale, the insider owned 361 shares of the company's stock, valued at approximately $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,164 shares of company stock worth $3,061,089. Insiders own 3.70% of the company's stock.

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.