BNP Paribas Financial Markets Sells 12,931 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

BNP Paribas Financial Markets lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 71.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,093 shares of the company's stock after selling 12,931 shares during the period. BNP Paribas Financial Markets' holdings in Palomar were worth $538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PLMR. American Century Companies Inc. lifted its stake in Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after acquiring an additional 210,523 shares in the last quarter. Norges Bank acquired a new position in shares of Palomar in the 4th quarter valued at about $20,637,000. Price T Rowe Associates Inc. MD lifted its position in shares of Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after purchasing an additional 122,057 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Palomar during the fourth quarter worth approximately $11,774,000. Finally, Atlas Capital Advisors Inc. grew its position in Palomar by 175.5% during the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock valued at $14,918,000 after purchasing an additional 90,000 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the sale, the chief financial officer now directly owns 9,172 shares of the company's stock, valued at $1,320,768. This represents a 9.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,202 shares of company stock worth $3,265,129 in the last 90 days. 3.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Jefferies Financial Group lifted their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Piper Sandler lifted their price target on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.33.

Palomar Stock Performance

Shares of Palomar stock traded up $1.34 on Tuesday, reaching $163.90. The stock had a trading volume of 183,280 shares, compared to its average volume of 200,785. The business's 50-day moving average price is $147.57 and its two-hundred day moving average price is $124.57. The stock has a market cap of $4.38 billion, a P/E ratio of 36.58 and a beta of 0.51. Palomar Holdings, Inc. has a fifty-two week low of $77.28 and a fifty-two week high of $167.14.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter in the previous year, the business earned $1.09 EPS. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share 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.