Handelsbanken Fonder AB Lowers Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Handelsbanken Fonder AB lessened its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 230,982 shares of the company's stock after selling 13,620 shares during the quarter. Handelsbanken Fonder AB owned 0.87% of Palomar worth $31,663,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PLMR. Farther Finance Advisors LLC raised its position in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after acquiring an additional 99 shares during the period. State of Alaska Department of Revenue boosted its position in Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock worth $1,588,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock worth $1,352,000 after buying an additional 100 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Palomar by 2.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after buying an additional 145 shares during the period. Finally, Covestor Ltd lifted its position in shares of Palomar by 13.8% during the 4th quarter. Covestor Ltd now owns 1,224 shares of the company's stock valued at $129,000 after buying an additional 148 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Up 1.3%

NASDAQ PLMR traded up $1.99 during trading hours on Thursday, reaching $159.96. The company had a trading volume of 60,758 shares, compared to its average volume of 206,466. The stock has a market capitalization of $4.28 billion, a P/E ratio of 35.71 and a beta of 0.50. The stock has a 50-day moving average of $154.85 and a 200 day moving average of $129.36. Palomar Holdings, Inc. has a 1-year low of $77.28 and a 1-year high of $175.85.

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 the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The business had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same period last year, the firm earned $1.09 earnings per share. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLMR. Evercore ISI upped their price objective 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. Keefe, Bruyette & Woods reduced their price target 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. JMP Securities reiterated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Piper Sandler increased their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $164.33.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $159.77, for a total transaction of $79,885.00. Following the transaction, the chief financial officer now directly owns 7,920 shares of the company's stock, valued at approximately $1,265,378.40. This trade represents a 5.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This trade represents a 1.23% 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 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

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.