Geneva Capital Management LLC decreased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 246,177 shares of the company's stock after selling 90,204 shares during the quarter. Geneva Capital Management LLC owned approximately 0.92% of Palomar worth $33,746,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Palomar by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after acquiring an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Palomar by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after acquiring an additional 17,320 shares in the last quarter. Artemis Investment Management LLP raised its stake in Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after buying an additional 77,472 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after buying an additional 122,057 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Palomar by 11.2% during the fourth quarter. Federated Hermes Inc. now owns 374,523 shares of the company's stock valued at $39,546,000 after buying an additional 37,642 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.
Insider Activity
In related news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total value of $809,800.00. Following the completion of the transaction, the chief executive officer directly owned 392,388 shares of the company's stock, valued at $63,551,160.48. This represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Timothy Carter sold 473 shares of the stock in a transaction that occurred on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the transaction, the insider directly owned 361 shares of the company's stock, valued at $55,467.65. This trade represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,164 shares of company stock valued at $3,061,089. 3.70% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Jefferies Financial Group upped their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Evercore ISI upped their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods cut their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Piper Sandler upped their price objective on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and a consensus price target of $174.17.
Check Out Our Latest Stock Report on PLMR
Palomar Trading Down 2.2%
NASDAQ:PLMR opened at $129.62 on Monday. The firm has a market capitalization of $3.47 billion, a PE ratio of 25.87 and a beta of 0.44. The stock has a 50 day moving average of $150.60 and a 200-day moving average of $139.62. Palomar Holdings, Inc. has a 52 week low of $82.54 and a 52 week high of $175.85.
Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same period in the prior year, the company earned $1.09 earnings per share. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.
Palomar Profile
(
Free Report)
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.
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