Kestra Private Wealth Services LLC Takes $967,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Kestra Private Wealth Services LLC purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,053 shares of the company's stock, valued at approximately $967,000.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after acquiring an additional 53,123 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Palomar by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after purchasing an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after purchasing an additional 122,057 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of Palomar stock traded down $5.16 during midday trading on Thursday, reaching $131.77. 383,280 shares of the company's stock traded hands, compared to its average volume of 326,721. The stock has a 50 day moving average of $154.69 and a 200-day moving average of $137.91. The company has a market cap of $3.52 billion, a PE ratio of 26.30 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $82.54 and a 12 month high of $175.85.

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

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $140.10, for a total transaction of $700,500.00. Following the completion of the sale, the chief executive officer directly owned 382,388 shares of the company's stock, valued at $53,572,558.80. The trade was a 1.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $143.10, for a total value of $71,550.00. Following the sale, the chief financial officer directly owned 6,920 shares of the company's stock, valued at $990,252. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,164 shares of company stock valued at $3,061,089. Company insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the subject of several recent analyst reports. Truist Financial lifted their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a report on Monday, June 30th. Piper Sandler boosted 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. Finally, Jefferies Financial Group boosted their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $174.17.

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.