KLP Kapitalforvaltning AS Makes New Investment in Palomar Holdings, Inc. (NASDAQ:PLMR)

KLP Kapitalforvaltning AS acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,600 shares of the company's stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. bought a new position in Palomar in the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its stake in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp increased its position in Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the period. Farther Finance Advisors LLC raised its stake in Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Finally, KBC Group NV raised its position in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after buying an additional 324 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the transaction, the chief financial officer now owns 10,172 shares in the company, valued at approximately $1,413,908. This trade represents a 8.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,097 shares of company stock worth $3,271,422 over the last ninety days. Corporate insiders own 4.30% of the company's stock.

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Analysts Set New Price Targets

PLMR has been the topic of several research reports. Keefe, Bruyette & Woods boosted their price target on Palomar from $152.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday, March 21st. Truist Financial boosted 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. Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Finally, JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $127.83.

Palomar Price Performance

Shares of Palomar stock traded down $3.29 during midday trading on Monday, hitting $129.99. 595,539 shares of the company were exchanged, compared to its average volume of 176,936. The firm has a 50 day simple moving average of $124.61 and a 200-day simple moving average of $109.98. Palomar Holdings, Inc. has a 52 week low of $74.09 and a 52 week high of $143.77. The firm has a market cap of $3.47 billion, a P/E ratio of 29.02 and a beta of 0.46.

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

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.