JPMorgan Chase & Co. Purchases 48,396 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

JPMorgan Chase & Co. grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 37.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,561 shares of the company’s stock after buying an additional 48,396 shares during the period. JPMorgan Chase & Co. owned 0.67% of Palomar worth $18,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. FMR LLC increased its holdings in Palomar by 39.5% in the 3rd quarter. FMR LLC now owns 2,123 shares of the company’s stock valued at $201,000 after acquiring an additional 601 shares during the last quarter. HighTower Advisors LLC purchased a new position in shares of Palomar during the third quarter valued at about $1,711,000. Stifel Financial Corp increased its holdings in shares of Palomar by 78.6% in the third quarter. Stifel Financial Corp now owns 15,734 shares of the company’s stock worth $1,490,000 after purchasing an additional 6,926 shares during the last quarter. State Street Corp lifted its position in shares of Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares in the last quarter. Finally, Barclays PLC boosted its stake in Palomar by 112.6% during the third quarter. Barclays PLC now owns 71,803 shares of the company’s stock valued at $6,798,000 after buying an additional 38,027 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Trading Down 0.1 %

Shares of PLMR opened at $142.99 on Friday. Palomar Holdings, Inc. has a twelve month low of $74.09 and a twelve month high of $145.81. The company’s fifty day simple moving average is $127.63 and its 200-day simple moving average is $111.26. The company has a market cap of $3.81 billion, a P/E ratio of 31.92 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial boosted their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and increased their price target for the company from $115.00 to $150.00 in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $134.50.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $109.65, for a total value of $112,939.50. Following the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at approximately $1,782,689.70. This represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Angela L. Grant sold 717 shares of the firm’s stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.70, for a total transaction of $72,918.90. Following the completion of the transaction, the insider now directly owns 2,951 shares in the company, valued at $300,116.70. This represents a 19.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 30,097 shares of company stock valued at $3,415,422. Insiders own 4.30% 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.