Principal Financial Group Inc. Acquires 3,697 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Principal Financial Group Inc. grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 151,237 shares of the company's stock after acquiring an additional 3,697 shares during the quarter. Principal Financial Group Inc. owned about 0.57% of Palomar worth $20,732,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. KBC Group NV lifted its position in Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after buying an additional 95 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in Palomar in the 1st quarter worth approximately $7,933,000. Artemis Investment Management LLP increased its stake in Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares during the period. Bessemer Group Inc. increased its stake in Palomar by 714.5% in the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after purchasing an additional 93,352 shares during the period. Finally, Spire Wealth Management purchased a new position in Palomar in the 1st quarter worth approximately $916,000. Institutional investors own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PLMR shares. Truist Financial lifted their price target on 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 price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Evercore ISI lifted their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods reduced their target price on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Three equities research 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 stock has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

Palomar Stock Performance

Shares of NASDAQ PLMR traded down $1.84 during mid-day trading on Friday, hitting $136.77. 100,249 shares of the stock traded hands, compared to its average volume of 218,813. The stock has a fifty day moving average price of $157.71 and a 200-day moving average price of $135.75. Palomar Holdings, Inc. has a 52 week low of $81.37 and a 52 week high of $175.85. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 27.30 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business 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 company posted $1.09 earnings per share. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total transaction of $79,345.00. Following the transaction, the chief financial officer directly owned 7,420 shares of the company's stock, valued at $1,177,479.80. This represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total value of $790,700.00. Following the transaction, the chief executive officer directly owned 387,388 shares in the company, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,175 shares of company stock valued at $3,276,251. 3.70% of the stock is currently owned by corporate insiders.

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.