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Penserra Capital Management LLC Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

Palomar logo with Finance background

Penserra Capital Management LLC bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,683 shares of the company's stock, valued at approximately $1,327,000.

Other hedge funds have also modified their holdings of the company. KBC Group NV raised its position in shares of Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after acquiring an additional 95 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after acquiring an additional 99 shares during the period. Avantax Advisory Services Inc. grew its holdings in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after buying an additional 145 shares in the last quarter. Covestor Ltd lifted its position 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 in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Palomar by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after acquiring an additional 190 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Up 1.3%

PLMR stock traded up $1.87 during mid-day trading on Wednesday, reaching $144.45. The company's stock had a trading volume of 494,813 shares, compared to its average volume of 218,505. The business's 50 day moving average price is $157.83 and its 200 day moving average price is $135.44. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 28.83 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $79.82 and a 12 month high of $175.85.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on PLMR shares. Evercore ISI upped their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Jefferies Financial Group raised their price target 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. Truist Financial raised their target price 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 raised their price objective on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods lowered their price target 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. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

View Our Latest Stock Analysis on Palomar

Insider Activity at Palomar

In other news, insider Timothy Carter sold 473 shares of Palomar stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider directly owned 361 shares in the company, valued at $55,467.65. The trade was a 56.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the transaction, the chief financial officer owned 7,420 shares in the company, valued at approximately $1,177,479.80. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,175 shares of company stock valued at $3,276,251. 3.70% of the stock is owned by insiders.

Palomar Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Palomar (NASDAQ:PLMR)

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