Algert Global LLC Buys 5,896 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Algert Global LLC lifted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 18.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,687 shares of the company’s stock after acquiring an additional 5,896 shares during the quarter. Algert Global LLC owned approximately 0.15% of Palomar worth $3,058,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PLMR. International Assets Investment Management LLC bought a new position in shares of Palomar in the second quarter worth approximately $49,000. DekaBank Deutsche Girozentrale bought a new position in Palomar in the 1st quarter worth $59,000. Advisors Asset Management Inc. increased its stake in Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after buying an additional 425 shares in the last quarter. Atwood & Palmer Inc. raised its holdings in Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after acquiring an additional 300 shares during the period. Finally, Covestor Ltd lifted its position in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLMR shares. Piper Sandler increased their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Evercore ISI increased their price objective on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Finally, Truist Financial lifted their price target on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.33.

Insider Activity at Palomar

In other news, Director Thomas A. Bradley acquired 1,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $89.42 per share, with a total value of $89,420.00. Following the completion of the purchase, the director now directly owns 4,724 shares of the company’s stock, valued at $422,420.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mac Armstrong sold 12,227 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $91.08, for a total transaction of $1,113,635.16. Following the completion of the sale, the chief executive officer now directly owns 47,082 shares of the company’s stock, valued at approximately $4,288,228.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas A. Bradley acquired 1,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the transaction, the director now directly owns 4,724 shares in the company, valued at $422,420.08. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 48,500 shares of company stock worth $4,464,266. Company insiders own 4.30% of the company’s stock.

Palomar Stock Down 0.9 %

Shares of NASDAQ:PLMR opened at $93.85 on Wednesday. The firm has a fifty day simple moving average of $94.21 and a two-hundred day simple moving average of $86.54. Palomar Holdings, Inc. has a 52 week low of $48.08 and a 52 week high of $100.29. The stock has a market capitalization of $2.34 billion, a P/E ratio of 26.97 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.09 by $0.16. The company had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s revenue was up 47.0% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. On average, analysts expect that Palomar Holdings, Inc. will post 4.37 earnings per share 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.