Harbor Capital Advisors Inc. Acquires 9,396 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Harbor Capital Advisors Inc. boosted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 28.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,853 shares of the company’s stock after purchasing an additional 9,396 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.16% of Palomar worth $4,525,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PLMR. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar in the 3rd quarter valued at about $25,000. GAMMA Investing LLC lifted its position in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after purchasing an additional 125 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after purchasing an additional 378 shares during the last quarter. Covestor Ltd boosted its stake in shares of Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after purchasing an additional 181 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Palomar by 152.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock valued at $143,000 after purchasing an additional 1,073 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PLMR shares. JPMorgan Chase & Co. upped their price target on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Jefferies Financial Group upped their price objective on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler raised their target price on Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and a consensus price target of $115.50.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the completion of the transaction, the chief executive officer now directly owns 50,312 shares in the company, valued at approximately $4,941,141.52. This trade represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now owns 17,543 shares in the company, valued at $1,713,073.95. The trade was a 5.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,909 shares of company stock valued at $3,242,655. 4.30% of the stock is currently owned by company insiders.

Palomar Trading Down 4.1 %

Shares of PLMR opened at $101.51 on Friday. Palomar Holdings, Inc. has a 1-year low of $56.67 and a 1-year high of $112.90. The firm’s 50-day moving average price is $105.26 and its 200-day moving average price is $96.83. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 24.11 and a beta of 0.38.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. During the same quarter in the prior year, the company earned $0.80 EPS. On average, research analysts forecast that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

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.