Victory Capital Management Inc. Purchases 167,435 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Victory Capital Management Inc. boosted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 1,634.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 177,678 shares of the company's stock after purchasing an additional 167,435 shares during the period. Victory Capital Management Inc. owned approximately 0.71% of Palomar worth $14,419,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Palomar by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 201,759 shares of the company's stock valued at $11,198,000 after purchasing an additional 5,897 shares during the period. Teacher Retirement System of Texas purchased a new position in Palomar during the 4th quarter worth $328,000. BNP Paribas Financial Markets lifted its stake in shares of Palomar by 26.9% in the 4th quarter. BNP Paribas Financial Markets now owns 31,612 shares of the company's stock worth $1,754,000 after acquiring an additional 6,709 shares during the period. Jump Financial LLC purchased a new stake in shares of Palomar in the fourth quarter valued at about $379,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Palomar by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company's stock worth $23,407,000 after acquiring an additional 52,659 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The shares were sold at an average price of $78.51, for a total value of $549,570.00. Following the completion of the sale, the chief executive officer now owns 454,388 shares of the company's stock, valued at approximately $35,674,001.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the sale, the chief executive officer now owns 454,388 shares of the company's stock, valued at approximately $35,674,001.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,750 shares of the business's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now owns 20,594 shares in the company, valued at $2,038,806. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,500 shares of company stock valued at $4,588,146. Corporate insiders own 4.30% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Evercore ISI upped their price objective on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a report on Tuesday, August 6th. Piper Sandler upped their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $96.00 to $113.00 and gave the company an "outperform" rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, July 11th. Finally, Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $101.33.

Palomar Trading Up 2.1 %

NASDAQ:PLMR traded up $1.97 during midday trading on Friday, hitting $94.83. 102,624 shares of the stock were exchanged, compared to its average volume of 164,325. The business has a 50-day moving average price of $92.19 and a two-hundred day moving average price of $84.80. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $100.29. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 27.25 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. The company had revenue of $123.08 million for the quarter, compared to analysts' expectations of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm's revenue was up 47.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. Sell-side analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

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.