Insider Buying: Palomar Holdings, Inc. (NASDAQ:PLMR) Director Acquires $23,187.50 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) Director Martha Notaras bought 350 shares of the company’s stock in a transaction on Monday, May 10th. The stock was bought at an average price of $66.25 per share, for a total transaction of $23,187.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Palomar stock opened at $62.95 on Friday. Palomar Holdings, Inc. has a 52-week low of $54.00 and a 52-week high of $121.87. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 79.68 and a beta of -0.13. The company has a fifty day moving average of $70.27 and a 200-day moving average of $83.18.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, May 5th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.22. Palomar had a net margin of 11.97% and a return on equity of 6.95%. On average, analysts predict that Palomar Holdings, Inc. will post 0.62 earnings per share for the current year.

A number of research firms have weighed in on PLMR. Zacks Investment Research upgraded shares of Palomar from a “sell” rating to a “hold” rating and set a $74.00 target price on the stock in a research note on Wednesday, March 17th. Barclays raised shares of Palomar from an “equal weight” rating to an “overweight” rating and set a $94.00 price target on the stock in a research report on Thursday, April 1st. Finally, JMP Securities lowered their price target on shares of Palomar from $105.00 to $95.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $99.17.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amundi Pioneer Asset Management Inc. increased its stake in shares of Palomar by 89.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,240,588 shares of the company’s stock worth $110,214,000 after acquiring an additional 584,039 shares in the last quarter. Villere ST Denis J & Co. LLC increased its stake in Palomar by 155.8% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 926,325 shares of the company’s stock valued at $62,100,000 after purchasing an additional 564,176 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Palomar by 159.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 785,795 shares of the company’s stock valued at $69,810,000 after purchasing an additional 483,445 shares in the last quarter. Federated Hermes Inc. increased its stake in Palomar by 683.0% during the 4th quarter. Federated Hermes Inc. now owns 542,072 shares of the company’s stock valued at $48,158,000 after purchasing an additional 472,842 shares in the last quarter. Finally, Oak Ridge Investments LLC increased its stake in Palomar by 736.0% during the 1st quarter. Oak Ridge Investments LLC now owns 500,562 shares of the company’s stock valued at $33,557,000 after purchasing an additional 440,688 shares in the last quarter. Institutional investors and hedge funds own 90.70% of the company’s stock.

About Palomar

Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.

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