Toth Financial Advisory Corp Cuts Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Toth Financial Advisory Corp reduced its position in Palomar Holdings, Inc. by 52.5%, now holding shares worth $559,000 after selling 4,000 shares during the second quarter.
• Several large hedge funds significantly increased their stakes in Palomar, with notable acquisitions including a new stake worth $26 million from Nuveen LLC and a 714.5% increase from Bessemer Group Inc..
• Palomar's stock has seen recent analyst evaluations, with JPMorgan lowering its target price to $158 while maintaining an "overweight" rating, contributing to a consensus rating of "Moderate Buy" with a target price of $165.83.

Toth Financial Advisory Corp lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 52.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,625 shares of the company's stock after selling 4,000 shares during the quarter. Toth Financial Advisory Corp's holdings in Palomar were worth $559,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in Palomar during the 1st quarter valued at approximately $46,000. TCTC Holdings LLC increased its stake in Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares during the last quarter. NBC Securities Inc. bought a new stake in Palomar in the 1st quarter worth approximately $53,000. Finally, USA Financial Formulas purchased a new position in shares of Palomar in the 1st quarter worth approximately $55,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares of the company's stock, valued at $871,557.12. The trade was a 6.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jonathan Knutzen sold 281 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $33,756.53. Following the completion of the transaction, the insider owned 21,210 shares of the company's stock, valued at approximately $2,547,957.30. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,378 shares of company stock worth $2,332,252 in the last ninety days. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent analyst reports. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. JPMorgan Chase & Co. dropped their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Piper Sandler decreased their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Evercore ISI raised their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Finally, 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. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Stock Up 0.6%

Shares of Palomar stock traded up $0.70 during trading hours on Monday, hitting $116.54. 218,627 shares of the company's stock traded hands, compared to its average volume of 294,495. The stock has a 50 day simple moving average of $125.12 and a 200-day simple moving average of $140.88. The company has a market cap of $3.12 billion, a PE ratio of 20.48 and a beta of 0.34. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.08. The firm had revenue of $496.29 million for the quarter, compared to analysts' expectations of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The company's quarterly revenue was up 47.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. As a group, equities research 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.