Bessemer Group Inc. Has $14.59 Million Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bessemer Group Inc. raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 714.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,417 shares of the company's stock after acquiring an additional 93,352 shares during the period. Bessemer Group Inc. owned approximately 0.40% of Palomar worth $14,587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after acquiring an additional 53,123 shares in the last quarter. American Century Companies Inc. raised its holdings in 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 acquiring an additional 210,523 shares in the last quarter. Geode Capital Management LLC raised its holdings in Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock valued at $65,358,000 after acquiring an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after acquiring an additional 17,320 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Palomar by 39.4% during the 4th 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 in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $153.04, for a total value of $76,520.00. Following the transaction, the chief financial officer now owns 7,672 shares in the company, valued at approximately $1,174,122.88. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 3,202 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares in the company, valued at $10,741,265.44. This represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,702 shares of company stock valued at $3,486,574. Company insiders own 3.70% of the company's stock.

Palomar Stock Up 1.6%

Shares of PLMR opened at $153.67 on Friday. Palomar Holdings, Inc. has a 12-month low of $78.67 and a 12-month high of $175.85. The business has a 50-day simple moving average of $158.06 and a two-hundred day simple moving average of $133.06. The stock has a market cap of $4.11 billion, a PE ratio of 30.67 and a beta of 0.50.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLMR. Evercore ISI boosted their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Jefferies Financial Group boosted their price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised 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 report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods lowered their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $164.33.

Palomar 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.

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