Vanguard Group Inc. Increases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Vanguard Group Inc. grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,574,923 shares of the company's stock after purchasing an additional 53,123 shares during the quarter. Vanguard Group Inc. owned approximately 9.73% of Palomar worth $271,886,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. LPL Financial LLC increased its holdings in Palomar by 6.7% during the fourth quarter. LPL Financial LLC now owns 3,082 shares of the company's stock worth $325,000 after buying an additional 194 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Palomar during the 4th quarter valued at approximately $591,000. American Century Companies Inc. increased its stake in shares of Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after purchasing an additional 210,523 shares during the last quarter. Trillium Asset Management LLC purchased a new stake in shares of Palomar during the 4th quarter worth approximately $4,599,000. Finally, Cibc World Markets Corp bought a new stake in shares of Palomar in the 4th quarter worth approximately $254,000. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a report on Wednesday. Truist Financial upped their price objective on Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler upped 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. Finally, JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $115.00 to $150.00 in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $134.50.

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Insider Buying and Selling

In related news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $109.76, for a total value of $768,320.00. Following the transaction, the chief executive officer now owns 412,388 shares in the company, valued at $45,263,706.88. The trade was a 1.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 394 shares of the stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $40,065.86. Following the sale, the chief financial officer now directly owns 16,943 shares in the company, valued at $1,722,933.67. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,097 shares of company stock valued at $3,415,422 over the last quarter. Corporate insiders own 4.30% of the company's stock.

Palomar Trading Up 9.2 %

Shares of PLMR stock traded up $12.07 during midday trading on Wednesday, reaching $143.13. 492,372 shares of the stock were exchanged, compared to its average volume of 180,320. Palomar Holdings, Inc. has a 1 year low of $74.09 and a 1 year high of $144.47. The firm has a market cap of $3.82 billion, a PE ratio of 31.95 and a beta of 0.46. The company's 50 day moving average is $126.91 and its two-hundred day moving average is $110.94.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating 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, equities analysts expect 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.