Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. boosted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 11.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 374,523 shares of the company's stock after purchasing an additional 37,642 shares during the quarter. Federated Hermes Inc. owned about 1.41% of Palomar worth $39,546,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PLMR. Dakota Wealth Management boosted its holdings in shares of Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company's stock valued at $324,000 after buying an additional 92 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after acquiring an additional 99 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Palomar by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock valued at $1,588,000 after acquiring an additional 100 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Palomar by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock worth $1,352,000 after purchasing an additional 100 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its position in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after purchasing an additional 145 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of analysts recently issued reports on PLMR shares. Piper Sandler upped their target price on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, February 14th. JMP Securities restated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods cut their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Truist Financial lifted their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $143.67.

Palomar Stock Performance

PLMR traded up $4.89 during trading on Friday, hitting $147.88. The stock had a trading volume of 248,965 shares, compared to its average volume of 182,077. The firm has a market capitalization of $3.95 billion, a P/E ratio of 33.01 and a beta of 0.46. Palomar Holdings, Inc. has a twelve month low of $74.77 and a twelve month high of $148.54. The company's 50-day moving average price is $128.46 and its 200 day moving average price is $111.73.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating 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%. As a group, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the sale, the chief financial officer now directly owns 9,172 shares in the company, valued at $1,320,768. The trade was a 9.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 3,154 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $109.27, for a total value of $344,637.58. Following the completion of the transaction, the chief executive officer now owns 60,032 shares of the company's stock, valued at $6,559,696.64. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,097 shares of company stock worth $3,415,422. Company insiders own 4.30% of the company's stock.

Palomar Company 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.