Amundi Increases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Amundi grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 753.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,344 shares of the company's stock after buying an additional 34,734 shares during the quarter. Amundi owned 0.15% of Palomar worth $4,165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLMR. State Street Corp boosted its position 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 buying an additional 32,151 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock valued at $56,822,000 after buying an additional 18,335 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after acquiring an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company's stock valued at $3,109,000 after acquiring an additional 12,147 shares during the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Palomar during the third quarter valued at approximately $1,711,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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Palomar Stock Performance

Shares of Palomar stock traded down $0.71 during trading hours on Wednesday, hitting $129.46. The company's stock had a trading volume of 125,240 shares, compared to its average volume of 161,305. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 28.90 and a beta of 0.33. Palomar Holdings, Inc. has a twelve month low of $74.09 and a twelve month high of $136.90. The firm has a fifty day moving average of $116.52 and a 200-day moving average of $106.11.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PLMR shares. Truist Financial raised their price target on Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $136.00 to $152.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 18th. Finally, Piper Sandler upped their target price on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Three equities research 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, Palomar currently has an average rating of "Moderate Buy" and a consensus target price of $127.33.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the transaction, the chief executive officer now owns 419,388 shares of the company's stock, valued at $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 552 shares of Palomar stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the sale, the chief financial officer now directly owns 15,683 shares of the company's stock, valued at $1,933,086.58. This trade represents a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,455 shares of company stock worth $3,984,020 over the last 90 days. 4.30% of the stock is 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.