Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC lessened its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,057 shares of the company’s stock after selling 103 shares during the period. Moran Wealth Management LLC’s holdings in Palomar were worth $830,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in Palomar by 21.8% in the fourth 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 period. Avantax Advisory Services Inc. grew its holdings in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after purchasing an additional 145 shares during the period. Covestor Ltd grew its holdings in Palomar by 13.8% in the fourth quarter. Covestor Ltd now owns 1,224 shares of the company’s stock valued at $129,000 after purchasing an additional 148 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock valued at $325,000 after purchasing an additional 190 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after purchasing an additional 191 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Evercore ISI boosted their target price on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a report on Friday, May 30th. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Finally, Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.33.

Palomar Stock Up 1.6%

PLMR opened at $153.67 on Friday. Palomar Holdings, Inc. has a 52-week low of $78.67 and a 52-week high of $175.85. The company has a 50 day moving average of $158.06 and a two-hundred day moving average of $133.06. The company has a market cap of $4.11 billion, a P/E ratio of 30.67 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the prior year, the firm earned $1.09 earnings per share. Research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In related news, CEO Mac Armstrong sold 3,202 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the sale, the chief executive officer now directly owns 70,186 shares of the company’s stock, valued at $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,172 shares in the company, valued at $1,413,908. This represents a 8.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,702 shares of company stock worth $3,486,574. 3.70% of the stock is currently owned by company insiders.

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.