Fred Alger Management LLC Has $27.08 Million Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Fred Alger Management LLC lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 12.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 256,496 shares of the company's stock after selling 36,936 shares during the period. Fred Alger Management LLC owned approximately 0.97% of Palomar worth $27,083,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of 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% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Geode Capital Management LLC lifted 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 worth $65,358,000 after purchasing an additional 18,748 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Finally, Artemis Investment Management LLP raised its stake in Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after buying an additional 71,806 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In related news, CFO T Christopher Uchida sold 552 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the sale, the chief financial officer now owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. This trade represents a 3.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 3,202 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total transaction of $490,034.08. Following the completion of the sale, the chief executive officer now owns 70,186 shares in the company, valued at $10,741,265.44. The trade was a 4.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,254 shares of company stock worth $2,443,484 over the last ninety days. Corporate insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PLMR shares. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. 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 report on Friday, April 11th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Finally, JMP Securities restated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Palomar presently has an average rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Price Performance

NASDAQ:PLMR traded down $0.08 on Friday, reaching $159.93. The stock had a trading volume of 223,620 shares, compared to its average volume of 196,288. The firm's fifty day moving average is $141.00 and its two-hundred day moving average is $119.27. The company has a market cap of $4.28 billion, a price-to-earnings ratio of 35.70 and a beta of 0.51. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $163.78.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same quarter last year, the firm earned $1.09 earnings per share. As a group, research 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.