Envestnet Asset Management Inc. Has $6.10 Million Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

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

Several other institutional investors and hedge funds have also made changes to their positions in PLMR. KBC Group NV lifted 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 acquiring an additional 95 shares during the period. Covestor Ltd raised its holdings in shares of Palomar by 13.8% in the 4th quarter. Covestor Ltd now owns 1,224 shares of the company's stock worth $129,000 after purchasing an additional 148 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in 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 buying an additional 190 shares during the period. LPL Financial LLC raised its holdings in Palomar by 6.7% in the fourth quarter. LPL Financial LLC now owns 3,082 shares of the company's stock valued at $325,000 after buying an additional 194 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in Palomar by 11.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,691 shares of the company's stock valued at $284,000 after buying an additional 267 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of analyst reports. Truist Financial lifted their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. raised 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 report on Tuesday, April 8th. 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. Finally, Piper Sandler lifted their price target 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. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average price target of $174.17.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the transaction, the chief financial officer owned 7,420 shares in the company, valued at $1,177,479.80. This trade represents a 6.31% decrease in their ownership of the stock. The transaction 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 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 $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,164 shares of company stock worth $3,061,089 in the last quarter. Insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded up $0.75 during midday trading on Friday, reaching $132.52. The company had a trading volume of 322,896 shares, compared to its average volume of 324,686. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 26.45 and a beta of 0.46. The company has a fifty day simple moving average of $153.65 and a two-hundred day simple moving average of $138.49. Palomar Holdings, Inc. has a 1-year low of $82.54 and a 1-year high of $175.85.

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

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.