Moran Wealth Management LLC Sells 289 Shares of Palomar Holdings, Inc. $PLMR

Moran Wealth Management LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 4.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,768 shares of the company’s stock after selling 289 shares during the period. Moran Wealth Management LLC’s holdings in Palomar were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Palomar during the first quarter worth $26,084,000. Alliancebernstein L.P. increased its stake in shares of Palomar by 322.4% in the 1st quarter. Alliancebernstein L.P. now owns 127,383 shares of the company’s stock valued at $17,462,000 after acquiring an additional 97,226 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Palomar by 714.5% during the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company’s stock valued at $14,587,000 after acquiring an additional 93,352 shares during the period. Artemis Investment Management LLP boosted its stake in Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock worth $73,003,000 after acquiring an additional 77,472 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in Palomar by 2,825.6% in the first quarter. Cerity Partners LLC now owns 70,449 shares of the company’s stock worth $9,657,000 after acquiring an additional 68,041 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the completion of the sale, the chief financial officer owned 7,168 shares of the company’s stock, valued at approximately $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $116.02, for a total transaction of $580,100.00. Following the completion of the transaction, the chief executive officer directly owned 372,388 shares in the company, valued at approximately $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,214 shares of company stock worth $2,311,494 in the last 90 days. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on PLMR. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Piper Sandler cut their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Evercore ISI dropped their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Finally, Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.67.

Palomar Price Performance

Shares of PLMR stock opened at $117.65 on Thursday. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 20.68 and a beta of 0.30. The company’s fifty day simple moving average is $119.43 and its two-hundred day simple moving average is $138.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. Equities research analysts anticipate 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.