Connor Clark & Lunn Investment Management Ltd. Acquires 30,049 Shares of Palomar Holdings, Inc. $PLMR

Connor Clark & Lunn Investment Management Ltd. raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 256.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,785 shares of the company’s stock after buying an additional 30,049 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Palomar were worth $6,445,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PLMR. Nisa Investment Advisors LLC lifted its position in shares of Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after acquiring an additional 202 shares during the period. Maseco LLP bought a new position in shares of Palomar during the second quarter valued at about $45,000. TCTC Holdings LLC boosted its stake in shares of Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after buying an additional 205 shares during the last quarter. IFP Advisors Inc grew its stake in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock valued at $52,000 after purchasing an additional 284 shares during the period. Finally, NewEdge Advisors LLC purchased a new stake in Palomar during the first quarter worth about $66,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $33,756.53. Following the transaction, the insider owned 21,210 shares of the company’s stock, valued at $2,547,957.30. This represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer owned 7,168 shares in the company, valued at $871,557.12. This represents a 6.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,302 shares of company stock valued at $2,414,141 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PLMR. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a report on Monday. Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Piper Sandler cut their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $157.67.

Palomar Stock Performance

NASDAQ PLMR opened at $132.45 on Thursday. The company has a market capitalization of $3.51 billion, a PE ratio of 23.28 and a beta of 0.25. Palomar Holdings, Inc. has a fifty-two week low of $98.42 and a fifty-two week high of $175.85. The business’s fifty day moving average is $117.33 and its 200 day moving average is $135.15.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $65.74 million for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current 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.