Peregrine Capital Management LLC Decreases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Peregrine Capital Management LLC reduced its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,846 shares of the company's stock after selling 16,804 shares during the period. Peregrine Capital Management LLC owned 0.28% of Palomar worth $10,260,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Palomar by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after buying an additional 53,123 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after acquiring an additional 210,523 shares during the period. Geode Capital Management LLC boosted its position in shares of Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock valued at $65,358,000 after acquiring an additional 18,748 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings 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 valued at $59,313,000 after purchasing an additional 17,320 shares during the period. Finally, Artemis Investment Management LLP grew its holdings in shares of Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after purchasing an additional 77,472 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PLMR shares. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial upped their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Evercore ISI upped their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group raised their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred 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 sale, the chief financial officer owned 7,420 shares in the company, valued at approximately $1,177,479.80. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,175 shares of company stock worth $3,420,251 over the last three months. Company insiders own 3.70% of the company's stock.

Palomar Stock Up 1.7%

NASDAQ PLMR traded up $2.45 on Thursday, reaching $146.10. The stock had a trading volume of 247,177 shares, compared to its average volume of 215,301. The stock has a fifty day moving average price of $158.18 and a two-hundred day moving average price of $134.21. Palomar Holdings, Inc. has a 12-month low of $79.82 and a 12-month high of $175.85. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 29.16 and a beta of 0.46.

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. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the previous year, the business earned $1.09 EPS. Sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

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.