Sheets Smith Investment Management Buys New Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Sheets Smith Investment Management acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 15,423 shares of the company's stock, valued at approximately $1,629,000. Palomar accounts for 1.4% of Sheets Smith Investment Management's portfolio, making the stock its 22nd biggest position. Sheets Smith Investment Management owned about 0.06% of Palomar at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLMR. State Street Corp boosted its position in shares of Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company's stock valued at $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 valued at $56,822,000 after buying an additional 18,335 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock valued at $12,133,000 after acquiring an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company's stock worth $3,109,000 after purchasing an additional 12,147 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in Palomar in the third quarter valued at approximately $1,711,000. Institutional investors own 90.25% of the company's stock.

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Analyst Upgrades and Downgrades

PLMR has been the topic of a number of analyst reports. Truist Financial increased their price objective on Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a report on Friday, February 14th. Keefe, Bruyette & Woods raised their target price on Palomar from $152.00 to $155.00 and gave the stock an "outperform" rating in a research report on Friday, March 21st. JMP Securities restated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Piper Sandler lifted 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and an average price target of $127.83.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 394 shares of the stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares of the company's stock, valued at approximately $1,722,933.67. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the transaction, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,455 shares of company stock valued at $3,911,340. 4.30% of the stock is owned by corporate insiders.

Palomar Price Performance

Shares of PLMR stock traded down $1.84 during trading hours on Friday, reaching $134.76. The company had a trading volume of 29,854 shares, compared to its average volume of 161,442. The company has a 50 day moving average of $120.41 and a 200 day moving average of $107.73. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 30.05 and a beta of 0.33. Palomar Holdings, Inc. has a 1-year low of $74.09 and a 1-year high of $137.89.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share 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%. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

About Palomar

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.