Principal Financial Group Inc. raised its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,540 shares of the company's stock after purchasing an additional 7,875 shares during the quarter. Principal Financial Group Inc. owned 0.56% of Palomar worth $15,579,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new stake in Palomar in the fourth quarter valued at $26,000. Farther Finance Advisors LLC grew its stake in shares of Palomar by 490.9% in the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock valued at $43,000 after buying an additional 378 shares in the last quarter. Covestor Ltd grew its stake in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company's stock valued at $102,000 after buying an additional 181 shares in the last quarter. KBC Group NV grew its stake in shares of Palomar by 44.9% in 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 in the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Palomar in the fourth quarter valued at $143,000. Hedge funds and other institutional investors own 90.25% of the company's stock.
Insider Transactions at Palomar
In other news, President Jon Christianson sold 819 shares of the company's stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the completion of the transaction, the president now directly owns 55,126 shares of the company's stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Angela L. Grant sold 1,505 shares of the company's stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the transaction, the insider now directly owns 2,534 shares of the company's stock, valued at approximately $268,249.24. This represents a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,485 shares of company stock valued at $4,098,195. 4.30% of the stock is currently owned by corporate insiders.
Palomar Trading Up 5.0 %
PLMR traded up $6.07 on Friday, hitting $128.66. 372,752 shares of the company were exchanged, compared to its average volume of 181,189. Palomar Holdings, Inc. has a twelve month low of $71.54 and a twelve month high of $128.85. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 28.72 and a beta of 0.38. The firm has a 50-day moving average price of $110.74 and a two-hundred day moving average price of $103.19.
Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Equities analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. lifted their price objective on Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $136.00 to $152.00 and gave the company an "outperform" rating in a research note on Tuesday, February 18th. Truist Financial lifted their price objective on Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Finally, JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $127.33.
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About Palomar
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Free Report)
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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