Stephens Investment Management Group LLC Sells 194,010 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Stephens Investment Management Group LLC trimmed its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 22.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 679,634 shares of the company's stock after selling 194,010 shares during the period. Stephens Investment Management Group LLC owned 2.57% of Palomar worth $71,763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Palomar by 3.0% in 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 grew its stake in Palomar by 3.2% in the third 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 during the period. JPMorgan Chase & Co. grew its stake in Palomar by 9.5% in the third quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after purchasing an additional 11,140 shares during the period. Thrivent Financial for Lutherans grew its stake in Palomar by 58.7% in the third 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 period. Finally, HighTower Advisors LLC purchased a new stake in Palomar in the third quarter worth $1,711,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on PLMR shares. Piper Sandler boosted their target price on Palomar from $119.00 to $133.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their target price on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Palomar presently has an average rating of "Moderate Buy" and an average price target of $115.50.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded down $1.33 during midday trading on Wednesday, reaching $108.99. 215,374 shares of the company's stock traded hands, compared to its average volume of 140,590. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 25.89 and a beta of 0.38. Palomar Holdings, Inc. has a one year low of $59.08 and a one year high of $112.90. The stock has a 50 day moving average of $107.00 and a 200 day moving average of $100.45.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.65% and a net margin of 21.55%. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the firm'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 approximately $1,772,934.90. This trade represents a 6.05 % 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 firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the transaction, the chief executive officer now directly owns 419,388 shares in the company, valued at $43,213,739.52. The trade was a 1.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,933 shares of company stock valued at $4,030,156 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

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.