Raymond James Financial Inc. Acquires Shares of 29,017 Palomar Holdings, Inc. (NASDAQ:PLMR)

Raymond James Financial Inc. bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 29,017 shares of the company's stock, valued at approximately $3,064,000. Raymond James Financial Inc. owned approximately 0.11% of Palomar at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in shares of Palomar during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC lifted its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after purchasing an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PLMR. JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial increased their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Keefe, Bruyette & Woods decreased their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Piper Sandler boosted their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Stock Performance

NASDAQ PLMR traded up $7.75 on Friday, reaching $151.81. The stock had a trading volume of 479,631 shares, compared to its average volume of 190,905. The stock has a market cap of $4.06 billion, a P/E ratio of 33.89 and a beta of 0.46. The business's 50-day moving average price is $137.79 and its 200 day moving average price is $117.13. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $155.87.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 3,202 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the transaction, the chief executive officer now owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. The trade was a 4.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 552 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the sale, the chief financial officer now directly owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. This represents a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,254 shares of company stock worth $2,443,484. Company insiders own 3.70% of the company's stock.

Palomar Company Profile

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.