Kornitzer Capital Management Inc. KS Buys 1,300 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Kornitzer Capital Management Inc. KS boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.8% during the third quarter, Holdings Channel reports. The firm owned 162,973 shares of the company’s stock after purchasing an additional 1,300 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Palomar were worth $15,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in shares of Palomar during the 1st quarter valued at $602,000. Picton Mahoney Asset Management boosted its position in Palomar by 1,940.6% in the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after purchasing an additional 37,745 shares during the last quarter. Quadrature Capital Ltd grew its stake in shares of Palomar by 155.9% during the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock valued at $1,906,000 after purchasing an additional 13,873 shares during the period. Driehaus Capital Management LLC increased its position in shares of Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock valued at $24,362,000 after purchasing an additional 43,841 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after purchasing an additional 167,435 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

NASDAQ:PLMR remained flat at $96.20 during mid-day trading on Thursday. 7,025 shares of the company traded hands, compared to its average volume of 161,993. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $103.40. The stock has a market cap of $2.41 billion, a PE ratio of 22.85 and a beta of 0.34. The stock has a 50 day moving average price of $95.30 and a 200 day moving average price of $89.20.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a return on equity of 21.62% and a net margin of 21.55%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the business posted $0.80 earnings per share. Research analysts predict that Palomar Holdings, Inc. will post 4.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PLMR. Evercore ISI boosted their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods upped their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Piper Sandler lifted their target price on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group upped their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $105.50.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total value of $673,960.00. Following the transaction, the chief executive officer now directly owns 433,388 shares in the company, valued at approximately $41,726,596.64. This represents a 0.00 % 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. In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the sale, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas A. Bradley acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the purchase, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 35,770 shares of company stock worth $3,461,986. 4.30% of the stock is currently owned by insiders.

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.