Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Position Lowered by Handelsbanken Fonder AB

Handelsbanken Fonder AB lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 230,982 shares of the company's stock after selling 13,620 shares during the period. Handelsbanken Fonder AB owned 0.87% of Palomar worth $31,663,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. bought a new stake in shares of Palomar during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC grew its position in shares of Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after buying an additional 191 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Palomar during the 1st quarter valued at about $53,000. Finally, Farther Finance Advisors LLC grew its position in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after buying an additional 99 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Insider Activity

In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,172 shares of the company's stock, valued at $1,413,908. This represents a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 3,202 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total transaction of $490,034.08. Following the sale, the chief executive officer now directly owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,202 shares of company stock worth $3,265,129 over the last three months. Corporate insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PLMR shares. Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Evercore ISI upped their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Finally, Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $164.33.

Palomar Price Performance

Shares of Palomar stock traded down $0.14 on Friday, hitting $160.93. The company had a trading volume of 181,605 shares, compared to its average volume of 207,919. The business has a 50-day simple moving average of $156.07 and a 200-day simple moving average of $130.07. The company has a market cap of $4.30 billion, a PE ratio of 35.92 and a beta of 0.50. Palomar Holdings, Inc. has a 52 week low of $77.28 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.26. The business had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same period last year, the firm posted $1.09 earnings per share. On average, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Palomar Company 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.