Contravisory Investment Management Inc. Purchases New Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Contravisory Investment Management Inc. bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,007 shares of the company’s stock, valued at approximately $318,000.

Other institutional investors also recently modified their holdings of the company. State Street Corp raised its holdings in Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after acquiring an additional 32,151 shares in the last quarter. Geode Capital Management LLC raised its position in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Palomar by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares in the last quarter. Emerald Advisers LLC lifted its holdings in shares of Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after acquiring an additional 8,601 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after acquiring an additional 77,552 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 2,195 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.10, for a total transaction of $228,499.50. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at $5,405,496.60. The trade was a 4.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the transaction, the chief executive officer now directly owns 433,388 shares in the company, valued at approximately $41,726,596.64. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,694 shares of company stock valued at $2,632,377 over the last ninety days. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Palomar Trading Up 1.2 %

Shares of Palomar stock opened at $108.37 on Friday. The firm has a market capitalization of $2.87 billion, a PE ratio of 25.74 and a beta of 0.38. Palomar Holdings, Inc. has a 12 month low of $57.55 and a 12 month high of $112.90. The business’s 50-day moving average price is $106.30 and its 200-day moving average price is $97.54.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter in the previous year, the company earned $0.80 earnings per share. As a group, analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

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.