Spire Wealth Management Purchases New Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Spire Wealth Management purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 6,682 shares of the company’s stock, valued at approximately $916,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Yorktown Management & Research Co Inc acquired a new stake in shares of Palomar during the 1st quarter valued at approximately $274,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Palomar during the 1st quarter valued at approximately $276,000. Opal Wealth Advisors LLC acquired a new stake in Palomar in the first quarter worth $46,000. Wealth Enhancement Advisory Services LLC increased its position in Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock worth $325,000 after buying an additional 190 shares during the period. Finally, USA Financial Formulas acquired a new stake in Palomar in the first quarter worth $55,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the transaction, the chief executive officer now owns 387,388 shares of the company’s stock, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the transaction, the chief financial officer now directly owns 9,172 shares of the company’s stock, valued at $1,320,768. This represents a 9.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,702 shares of company stock valued at $3,486,574. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PLMR. Truist Financial increased their target price on Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 15th. Keefe, Bruyette & Woods dropped their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Evercore ISI increased their target price on Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group increased their target price on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.33.

Palomar Stock Performance

NASDAQ:PLMR opened at $153.38 on Friday. Palomar Holdings, Inc. has a 1 year low of $79.82 and a 1 year high of $175.85. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 30.61 and a beta of 0.50. The business has a fifty day moving average of $158.13 and a 200-day moving average of $133.39.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The company had revenue of $174.63 million during the quarter, compared to analysts’ expectations of $161.97 million. During the same quarter in the prior year, the business posted $1.09 earnings per share. On average, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

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.