Victory Capital Management Inc. Sells 11,640 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Victory Capital Management Inc. cut its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,700 shares of the company's stock after selling 11,640 shares during the period. Victory Capital Management Inc. owned about 0.45% of Palomar worth $16,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PLMR. Nisa Investment Advisors LLC boosted its stake in shares of Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Palomar during the 1st quarter worth $46,000. NBC Securities Inc. purchased a new position in shares of Palomar in the 1st quarter worth $53,000. USA Financial Formulas purchased a new position in shares of Palomar in the 1st quarter worth $55,000. Finally, SBI Securities Co. Ltd. raised its position in shares of Palomar by 761.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 620 shares of the company's stock worth $85,000 after buying an additional 548 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on 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 owned 392,388 shares in the company, valued at approximately $63,551,160.48. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the sale, the chief financial officer owned 7,420 shares of the company's stock, valued at approximately $1,177,479.80. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,164 shares of company stock valued at $3,061,089 in the last ninety days. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and raised their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods cut their price target on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday, June 30th. Truist Financial lifted 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. Finally, Piper Sandler boosted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $174.17.

Palomar Price Performance

PLMR traded up $0.66 during mid-day trading on Friday, hitting $132.43. The stock had a trading volume of 218,083 shares, compared to its average volume of 273,177. The stock's fifty day simple moving average is $154.18 and its 200-day simple moving average is $138.08. Palomar Holdings, Inc. has a 1-year low of $82.54 and a 1-year high of $175.85. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 26.43 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter last year, the company posted $1.09 earnings per share. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Palomar Company 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.