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

Spire Wealth Management acquired a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,682 shares of the company's stock, valued at approximately $916,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PLMR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Palomar by 30.0% in the fourth 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 acquiring an additional 14,965 shares during the period. GAMMA Investing LLC lifted its holdings in Palomar by 27,543.8% during the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock worth $13,680,000 after purchasing an additional 99,433 shares in the last quarter. Atlas Capital Advisors Inc. boosted its stake in Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock worth $14,918,000 after purchasing an additional 90,000 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Palomar by 17.9% in the 1st quarter. Harbor Capital Advisors Inc. now owns 50,528 shares of the company's stock worth $6,926,000 after purchasing an additional 7,675 shares during the period. Finally, Yorktown Management & Research Co Inc purchased a new position in Palomar during the 1st quarter valued at about $274,000. 90.25% of the stock is currently owned by institutional investors.

Insider Activity

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 transaction of $79,345.00. Following the transaction, the chief financial officer directly owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This trade represents a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,702 shares of company stock valued at $3,347,574. Corporate insiders own 3.70% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PLMR shares. Keefe, Bruyette & Woods lowered their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday. Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Evercore ISI raised their price target on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Wall Street Zen upgraded shares of Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Price Performance

PLMR stock traded down $5.46 during midday trading on Tuesday, reaching $148.79. The company had a trading volume of 329,156 shares, compared to its average volume of 213,629. The firm has a 50-day moving average price of $158.35 and a 200-day moving average price of $134.14. The company has a market capitalization of $3.98 billion, a P/E ratio of 29.70 and a beta of 0.46. Palomar Holdings, Inc. has a 1 year low of $79.82 and a 1 year high of $175.85.

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

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.