Geode Capital Management LLC Raises Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Geode Capital Management LLC grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 600,092 shares of the company's stock after purchasing an additional 18,335 shares during the period. Geode Capital Management LLC owned approximately 2.27% of Palomar worth $56,822,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PLMR. State Street Corp boosted its stake in shares of Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company's stock worth $103,919,000 after acquiring an additional 32,151 shares during the period. Victory Capital Management Inc. raised its holdings in Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock valued at $14,419,000 after acquiring an additional 167,435 shares during the period. Driehaus Capital Management LLC grew its position in shares of Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company's stock valued at $24,362,000 after purchasing an additional 43,841 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company's stock valued at $3,109,000 after purchasing an additional 12,147 shares during the period. Finally, HighTower Advisors LLC acquired a new position in Palomar in the 3rd quarter valued at $1,711,000. Institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

PLMR has been the subject of several analyst reports. Jefferies Financial Group lifted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Piper Sandler lifted their price objective on Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Palomar presently has an average rating of "Moderate Buy" and a consensus target price of $111.67.

Palomar Price Performance

NASDAQ PLMR traded down $2.36 during trading hours on Monday, reaching $102.57. The company's stock had a trading volume of 90,391 shares, compared to its average volume of 163,778. The stock has a market cap of $2.71 billion, a P/E ratio of 24.36 and a beta of 0.36. The firm has a fifty day simple moving average of $102.23 and a 200-day simple moving average of $94.79. Palomar Holdings, Inc. has a 52 week low of $54.50 and a 52 week high of $112.90.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the previous year, the company posted $0.80 earnings per share. On average, research analysts expect that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Buying and Selling

In other news, President Jon Christianson sold 2,195 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $104.10, for a total transaction of $228,499.50. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $5,405,496.60. The trade was a 4.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares of the company's stock, valued at $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,356 shares of company stock valued at $2,134,525. 4.30% of the stock is owned by company insiders.

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.