Jump Financial LLC Acquires Shares of 6,822 Palomar Holdings, Inc. (NASDAQ:PLMR)

Jump Financial LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,822 shares of the company’s stock, valued at approximately $379,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Palomar by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock valued at $52,963,000 after purchasing an additional 9,462 shares during the period. Westfield Capital Management Co. LP raised its holdings in shares of Palomar by 26.0% during the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company’s stock valued at $21,992,000 after acquiring an additional 89,410 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Palomar by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 201,759 shares of the company’s stock valued at $11,198,000 after acquiring an additional 5,897 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Palomar by 1.9% in the fourth quarter. Federated Hermes Inc. now owns 199,679 shares of the company’s stock worth $11,082,000 after acquiring an additional 3,737 shares during the last quarter. Finally, Oak Ridge Investments LLC increased its position in shares of Palomar by 29.9% during the fourth quarter. Oak Ridge Investments LLC now owns 64,893 shares of the company’s stock worth $3,602,000 after purchasing an additional 14,940 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $88.00 in a research note on Thursday, March 14th. Evercore ISI increased their price objective on shares of Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Piper Sandler increased their price target on Palomar from $89.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.17.

Palomar Stock Performance

Shares of Palomar stock opened at $81.74 on Friday. The company has a market cap of $2.04 billion, a P/E ratio of 23.49 and a beta of 0.24. The firm has a fifty day moving average of $81.30 and a two-hundred day moving average of $69.44. Palomar Holdings, Inc. has a one year low of $46.67 and a one year high of $89.22.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business’s revenue for the quarter was up 29.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.80 EPS. As a group, equities analysts predict that Palomar Holdings, Inc. will post 4.03 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Thomas A. Bradley acquired 1,500 shares of Palomar stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at approximately $111,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Thomas A. Bradley acquired 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, for a total transaction of $111,450.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $111,450. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the sale, the president now owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders have sold a total of 47,750 shares of company stock worth $3,844,755 in the last quarter. Company insiders own 4.30% of the company’s stock.

About Palomar

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.