Spire Wealth Management Takes Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Spire Wealth Management bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,682 shares of the company's stock, valued at approximately $916,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PLMR. Vanguard Group Inc. grew its holdings in Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after buying an additional 53,123 shares during the period. American Century Companies Inc. lifted its position in Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after acquiring an additional 210,523 shares in the last quarter. Geode Capital Management LLC lifted its position in Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after acquiring an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Palomar by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after acquiring an additional 17,320 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Palomar by 39.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after acquiring an additional 122,057 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Trading Down 0.2%

PLMR traded down $0.29 during trading on Friday, reaching $153.38. 434,574 shares of the company were exchanged, compared to its average volume of 212,751. The stock has a market cap of $4.10 billion, a P/E ratio of 30.61 and a beta of 0.50. The firm has a 50 day moving average of $158.13 and a 200 day moving average of $133.56. Palomar Holdings, Inc. has a 52 week low of $79.82 and a 52 week high of $175.85.

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

Analyst Ratings Changes

Several equities research analysts have issued reports on PLMR shares. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Evercore ISI boosted their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Keefe, Bruyette & Woods lowered their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Piper Sandler boosted their price target on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Finally, Truist Financial boosted their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and a consensus target price of $164.33.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total transaction of $790,700.00. Following the completion of the transaction, the chief executive officer now owns 387,388 shares in the company, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the business's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now owns 10,172 shares of the company's stock, valued at $1,413,908. This trade represents a 8.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,702 shares of company stock worth $3,486,574. 3.70% of the stock is owned by company insiders.

About Palomar

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.