ProShare Advisors LLC Raises Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

ProShare Advisors LLC raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 51.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,765 shares of the company's stock after acquiring an additional 2,624 shares during the quarter. ProShare Advisors LLC's holdings in Palomar were worth $820,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after acquiring an additional 53,123 shares during the period. American Century Companies Inc. lifted its holdings in Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after acquiring an additional 210,523 shares during the period. Geode Capital Management LLC lifted its holdings in Palomar by 3.1% in the fourth 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 period. Dimensional Fund Advisors LP lifted its holdings in 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 acquiring an additional 17,320 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Palomar by 39.4% in 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 acquiring an additional 122,057 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 0.8%

Shares of PLMR stock traded up $1.34 during trading hours on Tuesday, hitting $163.90. 183,280 shares of the company's stock were exchanged, compared to its average volume of 200,785. The firm has a market cap of $4.38 billion, a P/E ratio of 36.58 and a beta of 0.51. The firm has a 50 day moving average of $147.57 and a two-hundred day moving average of $124.57. Palomar Holdings, Inc. has a fifty-two week low of $77.28 and a fifty-two week high of $167.14.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $161.97 million. During the same period in the prior year, the company posted $1.09 EPS. On average, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the sale, the chief financial officer now owns 10,172 shares of the company's stock, valued at $1,413,908. The trade was a 8.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial boosted their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Piper Sandler upped their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $148.33.

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.