Fred Alger Management LLC Has $27.78 Million Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Fred Alger Management LLC reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 293,432 shares of the company’s stock after selling 2,484 shares during the period. Fred Alger Management LLC owned about 1.11% of Palomar worth $27,779,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Victory Capital Management Inc. boosted its stake in Palomar by 1,634.6% in the second 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 in the last quarter. F M Investments LLC acquired a new position in Palomar during the 2nd quarter worth about $11,946,000. Allspring Global Investments Holdings LLC lifted its position in Palomar by 214.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after buying an additional 112,996 shares in the last quarter. Artemis Investment Management LLP grew its holdings in Palomar by 36.1% during the 2nd quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after acquiring an additional 90,010 shares during the last quarter. Finally, Atlas Capital Advisors LLC increased its position in Palomar by 167.7% in the 2nd quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock valued at $11,141,000 after acquiring an additional 86,000 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $108.30 on Friday. The firm’s 50 day simple moving average is $98.43 and its 200 day simple moving average is $91.96. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $111.27. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 25.72 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same period last year, the firm posted $0.80 earnings per share. Equities research analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analysts Set New Price Targets

PLMR has been the topic of several research analyst reports. Piper Sandler increased their price target on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Evercore ISI increased their price objective on 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. lifted their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group upped their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial boosted their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.00.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 2,195 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $104.10, for a total value of $228,499.50. Following the completion of the transaction, the president now owns 51,926 shares in the company, valued at $5,405,496.60. This represents a 4.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,111 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $104.00, for a total transaction of $115,544.00. Following the sale, the chief financial officer now owns 16,432 shares in the company, valued at approximately $1,708,928. The trade was a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,326 shares of company stock valued at $3,632,779. Company insiders own 4.30% of the company’s stock.

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.