TD Asset Management Inc Buys New Position in Palomar Holdings, Inc. $PLMR

Key Points

• TD Asset Management Inc has acquired a new position in Palomar Holdings, Inc. by purchasing 6,482 shares valued at approximately $1 million in the second quarter.
• Palomar's stock has seen actions from various institutional investors, significantly boosting ownership to 90.25% among institutional and hedge fund holders.
• Analyst ratings have varied, with Palomar having a consensus rating of "Moderate Buy" and a price target of $156.67 according to MarketBeat.com.

TD Asset Management Inc bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,482 shares of the company's stock, valued at approximately $1,000,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC acquired a new position in Palomar in the 2nd quarter valued at about $1,300,000. Yousif Capital Management LLC increased its stake in shares of Palomar by 2.1% during the 2nd quarter. Yousif Capital Management LLC now owns 10,061 shares of the company's stock valued at $1,552,000 after acquiring an additional 205 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Palomar during the 2nd quarter valued at about $2,844,000. Apollon Wealth Management LLC acquired a new position in shares of Palomar during the 2nd quarter valued at about $218,000. Finally, IFP Advisors Inc increased its stake in shares of Palomar by 556.9% during the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company's stock valued at $52,000 after acquiring an additional 284 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of Palomar in a report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Piper Sandler decreased their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Evercore ISI decreased their price target on Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.67.

Palomar Trading Down 2.0%

Shares of NASDAQ:PLMR opened at $113.08 on Thursday. The stock has a market capitalization of $3.03 billion, a P/E ratio of 19.87 and a beta of 0.30. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85. The business has a 50-day moving average price of $118.62 and a two-hundred day moving average price of $138.05.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insiders Place Their Bets

In related news, COO Rodolphe Herve sold 1,130 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. The trade was a 58.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard H. Taketa bought 500 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average price of $121.14 per share, for a total transaction of $60,570.00. Following the purchase, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. This represents a 1.14% increase in their position. The disclosure for this purchase can be found here. Insiders sold 21,432 shares of company stock worth $2,561,154 in the last three months. 3.70% of the stock is owned by corporate 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.

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