Charles Schwab Investment Management Inc. Raises Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Charles Schwab Investment Management Inc. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 4.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 240,176 shares of the company's stock after buying an additional 9,624 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.91% of Palomar worth $25,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in Palomar in the third quarter worth $10,994,000. Soros Fund Management LLC purchased a new position in shares of Palomar during the third quarter valued at $9,467,000. Westfield Capital Management Co. LP increased its stake in shares of Palomar by 24.5% during the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company's stock valued at $37,339,000 after buying an additional 77,552 shares during the period. Artemis Investment Management LLP increased its stake in shares of Palomar by 18.7% during the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after buying an additional 71,806 shares during the period. Finally, Barclays PLC increased its stake in shares of Palomar by 112.6% during the third quarter. Barclays PLC now owns 71,803 shares of the company's stock valued at $6,798,000 after buying an additional 38,027 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Price Performance

NASDAQ:PLMR traded down $1.40 during trading hours on Friday, reaching $129.32. The company had a trading volume of 396,894 shares, compared to its average volume of 161,352. Palomar Holdings, Inc. has a 1-year low of $74.09 and a 1-year high of $136.90. The firm has a market cap of $3.45 billion, a PE ratio of 28.87 and a beta of 0.33. The business's 50 day moving average price is $118.05 and its 200-day moving average price is $106.66.

Remove Ads

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

Analysts Set New Price Targets

PLMR has been the topic of a number of recent research reports. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Truist Financial raised their price objective on Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods raised their price target on Palomar from $152.00 to $155.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Piper Sandler raised their price objective on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $127.83.

Insider Transactions at Palomar

In other news, insider Jonathan Knutzen sold 282 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the transaction, the insider now directly owns 20,098 shares of the company's stock, valued at $2,099,437.08. This represents a 1.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 394 shares of the company's stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the transaction, the chief financial officer now directly owns 16,943 shares of the company's stock, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,455 shares of company stock valued at $4,632,620 in the last three months. 4.30% of the stock is currently owned by company 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.