Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 151,237 shares of the company's stock after purchasing an additional 3,697 shares during the period. Principal Financial Group Inc. owned approximately 0.57% of Palomar worth $20,732,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in PLMR. Smartleaf Asset Management LLC boosted 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 worth $43,000 after purchasing an additional 349 shares in the last quarter. Jones Financial Companies Lllp boosted 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 worth $52,000 after purchasing an additional 191 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Palomar by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock worth $25,360,000 after purchasing an additional 9,624 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Palomar by 5.7% in the 4th quarter. Arizona State Retirement System now owns 7,585 shares of the company's stock worth $801,000 after buying an additional 408 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Palomar in the 4th quarter worth about $3,064,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Timothy Carter sold 473 shares of the company's stock in a transaction dated Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the transaction, the insider owned 361 shares of the company's stock, valued at $55,467.65. This represents a 56.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total transaction of $809,800.00. Following the transaction, the chief executive officer directly owned 392,388 shares of the company's stock, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,175 shares of company stock valued at $3,276,251 in the last 90 days. 3.70% of the stock is currently owned by insiders.

Palomar Price Performance

NASDAQ:PLMR traded down $3.59 on Friday, reaching $135.01. The stock had a trading volume of 274,530 shares, compared to its average volume of 220,131. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 26.95 and a beta of 0.46. The firm's fifty day moving average is $157.37 and its two-hundred day moving average is $136.18. Palomar Holdings, Inc. has a 12-month low of $82.55 and a 12-month 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 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The company had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the prior year, the company posted $1.09 EPS. As a group, research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PLMR shares. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. 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 report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Finally, Piper Sandler boosted their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $174.17.

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.