First Trust Advisors LP Reduces Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

First Trust Advisors LP trimmed its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 6.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,947 shares of the company's stock after selling 3,673 shares during the quarter. First Trust Advisors LP owned about 0.21% of Palomar worth $5,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Blue Trust Inc. purchased a new position in shares of Palomar in the fourth quarter worth $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of Palomar by 536.9% during the 4th 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 last quarter. Jones Financial Companies Lllp grew its stake in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 21.8% during the fourth 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 lifted its position in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after purchasing an additional 324 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on 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 owns 397,388 shares of the company's stock, valued at approximately $57,784,189.08. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total transaction of $76,520.00. Following the transaction, the chief financial officer now directly owns 7,672 shares of the company's stock, valued at $1,174,122.88. This trade represents a 6.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,254 shares of company stock valued at $2,443,484. Corporate insiders own 3.70% of the company's stock.

Palomar Trading Up 2.3 %

NASDAQ PLMR traded up $3.56 on Monday, reaching $155.37. 201,032 shares of the stock were exchanged, compared to its average volume of 245,703. The firm has a market capitalization of $4.15 billion, a PE ratio of 34.68 and a beta of 0.51. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $155.94. The company's 50-day simple moving average is $137.79 and its two-hundred day simple moving average is $117.26.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Sell-side analysts forecast 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.