Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 600,092 shares of the company's stock after acquiring an additional 18,335 shares during the period. Geode Capital Management LLC owned approximately 2.27% of Palomar worth $56,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock worth $14,419,000 after acquiring an additional 167,435 shares during the last quarter. F M Investments LLC purchased a new stake in Palomar during the 2nd quarter valued at $11,946,000. Point72 Asset Management L.P. bought a new stake in Palomar in the third quarter worth $10,994,000. Allspring Global Investments Holdings LLC boosted its stake in Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company's stock worth $13,445,000 after buying an additional 112,996 shares during the period. Finally, Soros Fund Management LLC purchased a new stake in shares of Palomar in the third quarter valued at $9,467,000. 90.25% of the stock is currently owned by institutional investors.

Insider Activity at Palomar

In other news, President Jon Christianson sold 3,805 shares of Palomar stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the transaction, the president now owns 51,926 shares of the company's stock, valued at $5,350,455.04. The trade was a 6.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 3,185 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the sale, the chief executive officer now directly owns 50,312 shares of the company's stock, valued at $4,941,141.52. The trade was a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,356 shares of company stock valued at $2,134,525 over the last ninety days. 4.30% of the stock is owned by company insiders.

Palomar Price Performance

Shares of PLMR stock traded down $1.43 during mid-day trading on Monday, hitting $103.50. The stock had a trading volume of 16,685 shares, compared to its average volume of 163,474. Palomar Holdings, Inc. has a 12-month low of $54.50 and a 12-month high of $112.90. The firm's 50-day moving average is $102.14 and its two-hundred day moving average is $94.67. The firm has a market capitalization of $2.74 billion, a P/E ratio of 24.58 and a beta of 0.36.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data 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 company had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the prior year, the firm earned $0.80 earnings per share. Analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Wall Street Analyst Weigh In

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

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.