GAMMA Investing LLC Acquires 99,433 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

GAMMA Investing LLC lifted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 27,543.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 99,794 shares of the company's stock after purchasing an additional 99,433 shares during the period. GAMMA Investing LLC owned 0.37% of Palomar worth $13,680,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PLMR. California State Teachers Retirement System increased its position in Palomar by 3.8% during the fourth quarter. California State Teachers Retirement System now owns 24,444 shares of the company's stock worth $2,581,000 after acquiring an additional 899 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Palomar in the 4th quarter worth approximately $5,652,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Palomar by 30.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock worth $6,854,000 after purchasing an additional 14,965 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Palomar during the fourth quarter valued at approximately $616,000. Finally, Silvercrest Asset Management Group LLC increased its holdings in Palomar by 3.0% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 15,750 shares of the company's stock valued at $1,663,000 after buying an additional 462 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the sale, the chief financial officer now owns 9,172 shares of the company's stock, valued at approximately $1,320,768. This trade represents a 9.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,202 shares of company stock worth $3,265,129 in the last ninety days. Company insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PLMR shares. Truist Financial upped their target price 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. Piper Sandler boosted their price target on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Palomar has a consensus rating of "Moderate Buy" and an average price target of $164.33.

Palomar Price Performance

Shares of Palomar stock traded down $5.40 on Tuesday, hitting $156.87. 355,147 shares of the company's stock traded hands, compared to its average volume of 206,392. The firm's 50-day moving average price is $154.08 and its two-hundred day moving average price is $128.96. The stock has a market capitalization of $4.20 billion, a PE ratio of 35.02 and a beta of 0.50. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last released 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. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal 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.