Palomar Holdings, Inc. (NASDAQ:PLMR) Position Decreased by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 31.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,340 shares of the company's stock after selling 59,402 shares during the period. Victory Capital Management Inc. owned approximately 0.50% of Palomar worth $13,868,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company's stock worth $103,919,000 after purchasing an additional 32,151 shares during the period. Geode Capital Management LLC increased its stake in Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock worth $56,822,000 after purchasing an additional 18,335 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after buying an additional 11,140 shares during the period. Thrivent Financial for Lutherans lifted its stake in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company's stock valued at $3,109,000 after buying an additional 12,147 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Palomar during the third quarter valued at about $1,711,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Price Performance

Shares of Palomar stock opened at $130.44 on Thursday. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 29.12 and a beta of 0.33. The stock has a 50-day simple moving average of $114.48 and a 200-day simple moving average of $105.14. Palomar Holdings, Inc. has a 52-week low of $74.09 and a 52-week high of $136.90.

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Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates 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 research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PLMR shares. JMP Securities restated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler boosted their target price on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Truist Financial raised their target price on Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $136.00 to $152.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. 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 price target of $127.33.

Insiders Place Their Bets

In other news, insider Jonathan Knutzen sold 282 shares of Palomar stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $104.46, for a total value of $29,457.72. Following the transaction, the insider now directly owns 20,098 shares in the company, valued at approximately $2,099,437.08. The trade was a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $110.85, for a total value of $114,175.50. Following the transaction, the chief financial officer now directly owns 15,994 shares of the company's stock, valued at $1,772,934.90. This represents a 6.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,485 shares of company stock valued at $4,098,195 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

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.

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