Bessemer Group Inc. Sells 4,999 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Bessemer Group Inc. reduced its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 27.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,065 shares of the company's stock after selling 4,999 shares during the period. Bessemer Group Inc.'s holdings in Palomar were worth $1,380,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PLMR. Blue Trust Inc. bought a new position in Palomar in the 4th quarter valued at $26,000. Smartleaf Asset Management LLC grew its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after acquiring an additional 349 shares during the period. Jones Financial Companies Lllp increased its holdings 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 in the last quarter. Farther Finance Advisors LLC lifted its holdings in Palomar by 21.8% during 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 during the last quarter. Finally, KBC Group NV increased its position in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after buying an additional 324 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CFO T Christopher Uchida sold 1,030 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total value of $112,939.50. Following the transaction, the chief financial officer now owns 16,258 shares in the company, valued at approximately $1,782,689.70. This represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the transaction, the chief executive officer now owns 412,388 shares of the company's stock, valued at $45,263,706.88. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,645 shares of company stock worth $3,787,579 over the last quarter. Insiders own 4.30% of the company's stock.

Palomar Stock Down 0.4 %

PLMR stock traded down $0.65 during midday trading on Friday, reaching $149.79. 178,223 shares of the company's stock traded hands, compared to its average volume of 184,777. Palomar Holdings, Inc. has a 52 week low of $77.17 and a 52 week high of $155.87. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 33.44 and a beta of 0.46. The firm's fifty day moving average price is $132.55 and its 200-day moving average price is $113.68.

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

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.