2,341 Shares in Palomar Holdings, Inc. $PLMR Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,341 shares of the company’s stock, valued at approximately $361,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after acquiring an additional 202 shares during the period. Maseco LLP acquired a new stake in Palomar during the 2nd quarter worth approximately $45,000. TCTC Holdings LLC lifted its position in Palomar by 116.5% during 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 period. IFP Advisors Inc lifted its position in Palomar by 556.9% during the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after acquiring an additional 284 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in Palomar during the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of PLMR stock opened at $113.84 on Tuesday. The stock has a fifty day moving average price of $118.21 and a 200 day moving average price of $137.62. The stock has a market cap of $3.05 billion, a PE ratio of 20.01 and a beta of 0.30. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent research reports. Keefe, Bruyette & Woods decreased their price objective on Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Evercore ISI decreased their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Piper Sandler reduced their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $156.67.

Insider Activity

In related news, Director Richard H. Taketa purchased 500 shares of the company’s stock in a transaction on Monday, August 18th. The stock was bought at an average price of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director owned 44,226 shares of the company’s stock, valued at approximately $5,357,537.64. This represents a 1.14% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 782 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $93,941.66. Following the transaction, the chief financial officer directly owned 7,668 shares of the company’s stock, valued at $921,156.84. The trade was a 9.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,432 shares of company stock valued at $2,561,154 in the last 90 days. Insiders own 3.70% of the company’s stock.

Palomar 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.