Freestone Grove Partners LP Purchases New Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Freestone Grove Partners LP purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 111,503 shares of the company's stock, valued at approximately $11,774,000. Freestone Grove Partners LP owned 0.42% of Palomar as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PLMR. Blue Trust Inc. purchased a new stake in Palomar during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC increased its position in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the period. Farther Finance Advisors LLC increased its holdings in Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares in the last quarter. Finally, KBC Group NV lifted its stake in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after purchasing an additional 324 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on PLMR. Piper Sandler upped their price target on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Truist Financial raised their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group upped their price target on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Stock Performance

Shares of PLMR traded up $0.93 during midday trading on Wednesday, hitting $157.26. 231,348 shares of the stock traded hands, compared to its average volume of 250,481. Palomar Holdings, Inc. has a 1-year low of $77.28 and a 1-year high of $163.77. The business's 50 day moving average price is $139.14 and its two-hundred day moving average price is $117.94. The firm has a market capitalization of $4.20 billion, a PE ratio of 35.10 and a beta of 0.51.

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. 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 period last year, the firm earned $1.09 EPS. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the sale, the chief executive officer now owns 402,388 shares of the company's stock, valued at $52,197,771.36. This trade represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,254 shares of company stock valued at $2,443,484 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

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.