Harbor Capital Advisors Inc. Grows Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Harbor Capital Advisors Inc. raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 85.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 33,457 shares of the company’s stock after purchasing an additional 15,416 shares during the period. Harbor Capital Advisors Inc. owned 0.13% of Palomar worth $3,167,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. bought a new position in Palomar in the third quarter worth approximately $25,000. GAMMA Investing LLC boosted its position in Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares in the last quarter. International Assets Investment Management LLC bought a new position in Palomar in the second quarter worth about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Palomar during the first quarter valued at about $59,000. Institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

PLMR has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Truist Financial upped their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Evercore ISI raised their price target on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Finally, Piper Sandler upped their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average target price of $105.50.

Palomar Price Performance

PLMR stock opened at $88.38 on Monday. The company has a market capitalization of $2.21 billion, a P/E ratio of 23.32 and a beta of 0.34. Palomar Holdings, Inc. has a 12 month low of $54.50 and a 12 month high of $103.40. The firm’s fifty day simple moving average is $95.65 and its 200-day simple moving average is $88.99.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The business 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 company’s revenue was up 47.0% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $94.00, for a total transaction of $164,500.00. Following the completion of the transaction, the chief financial officer now directly owns 22,344 shares of the company’s stock, valued at $2,100,336. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO T Christopher Uchida sold 1,750 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $94.00, for a total transaction of $164,500.00. Following the sale, the chief financial officer now directly owns 22,344 shares in the company, valued at $2,100,336. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $96.28, for a total value of $673,960.00. Following the completion of the transaction, the chief executive officer now directly owns 433,388 shares of the company’s stock, valued at $41,726,596.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,520 shares of company stock valued at $3,626,486. 4.30% of the stock is owned by company insiders.

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.