New Vernon Investment Management LLC Increases Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

New Vernon Investment Management LLC raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 98.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,517 shares of the company's stock after buying an additional 8,697 shares during the period. Palomar comprises 1.1% of New Vernon Investment Management LLC's holdings, making the stock its 17th biggest holding. New Vernon Investment Management LLC owned about 0.07% of Palomar worth $1,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in PLMR. American Century Companies Inc. raised its holdings in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Norges Bank bought a new position in Palomar in the fourth quarter worth approximately $20,637,000. Price T Rowe Associates Inc. MD lifted its holdings in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after buying an additional 122,057 shares during the period. Atlas Capital Advisors Inc. boosted its position in Palomar by 175.5% during the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock valued at $14,918,000 after acquiring an additional 90,000 shares in the last quarter. Finally, Artemis Investment Management LLP lifted its position in Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after buying an additional 71,806 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, President Jon Christianson sold 478 shares of Palomar stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.34, for a total transaction of $51,786.52. Following the sale, the president now owns 56,619 shares in the company, valued at approximately $6,134,102.46. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,388 shares of the company's stock, valued at approximately $57,784,189.08. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,342 shares of company stock worth $3,198,841. 3.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on PLMR shares. Keefe, Bruyette & Woods cut their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Piper Sandler increased their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Jefferies Financial Group lifted their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Palomar presently has an average rating of "Moderate Buy" and an average target price of $148.33.

Palomar Trading Down 3.7 %

NASDAQ:PLMR traded down $5.67 during mid-day trading on Friday, hitting $147.48. The stock had a trading volume of 389,515 shares, compared to its average volume of 187,912. Palomar Holdings, Inc. has a twelve month low of $77.17 and a twelve month high of $155.87. The company has a market capitalization of $3.94 billion, a PE ratio of 32.92 and a beta of 0.46. The stock has a 50-day simple moving average of $135.21 and a two-hundred day simple moving average of $115.51.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping 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%. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 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.