Freestone Grove Partners LP Takes Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Freestone Grove Partners LP purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 hedge funds have also recently made changes to their positions in PLMR. JPMorgan Chase & Co. raised its holdings in Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after purchasing an additional 11,140 shares during the period. Principal Financial Group Inc. increased its holdings in Palomar by 5.6% in the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company's stock worth $15,579,000 after acquiring an additional 7,875 shares in the last quarter. Artemis Investment Management LLP raised its stake in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock worth $48,052,000 after acquiring an additional 71,806 shares during the period. Atlas Capital Advisors Inc. boosted its position in shares of Palomar by 175.5% in the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock worth $14,918,000 after purchasing an additional 90,000 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Palomar by 28.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company's stock worth $4,525,000 after purchasing an additional 9,396 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

PLMR stock traded up $7.75 during midday trading on Friday, reaching $151.81. 479,631 shares of the company traded hands, compared to its average volume of 190,905. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 33.89 and a beta of 0.51. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $155.87. The business has a 50 day moving average of $137.79 and a 200-day moving average of $117.13.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the transaction, the chief executive officer now directly owns 397,388 shares in the company, valued at approximately $57,784,189.08. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,254 shares of company stock worth $2,443,484. 3.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

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.