Conestoga Capital Advisors LLC Sells 6,815 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Conestoga Capital Advisors LLC cut its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 32.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,905 shares of the company's stock after selling 6,815 shares during the quarter. Conestoga Capital Advisors LLC owned 0.05% of Palomar worth $1,906,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Palomar by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock valued at $6,854,000 after buying an additional 14,965 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Palomar by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company's stock worth $15,579,000 after acquiring an additional 7,875 shares during the last quarter. GAMMA Investing LLC increased its position in Palomar by 27,543.8% in the 1st quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 shares during the period. Atlas Capital Advisors Inc. increased its position in Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock valued at $14,918,000 after acquiring an additional 90,000 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Palomar by 17.9% during the first quarter. Harbor Capital Advisors Inc. now owns 50,528 shares of the company's stock valued at $6,926,000 after acquiring an additional 7,675 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 0.3%

PLMR traded up $0.51 during trading on Friday, reaching $155.67. 409,993 shares of the stock traded hands, compared to its average volume of 209,911. The stock's 50-day moving average is $157.51 and its 200 day moving average is $131.44. Palomar Holdings, Inc. has a 12 month low of $77.28 and a 12 month high of $175.85. The stock has a market capitalization of $4.16 billion, a PE ratio of 31.07 and a beta of 0.50.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The company had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same period in the previous year, the business earned $1.09 EPS. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

PLMR has been the topic of several analyst reports. Truist Financial boosted their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Jefferies Financial Group lifted their target price 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 upgraded Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Piper Sandler raised their price objective on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Finally, Evercore ISI lifted their price objective on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $164.33.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now owns 10,172 shares of the company's stock, valued at approximately $1,413,908. This trade represents a 8.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,388 shares of the company's stock, valued at approximately $57,784,189.08. This trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,702 shares of company stock worth $2,695,874. 3.70% of the stock is 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.