Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Bought by New Vernon Investment Management LLC

New Vernon Investment Management LLC raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 98.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,517 shares of the company's stock after buying an additional 8,697 shares during the period. Palomar comprises 1.1% of New Vernon Investment Management LLC's portfolio, making the stock its 17th largest holding. New Vernon Investment Management LLC owned 0.07% of Palomar worth $1,850,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PLMR. American Century Companies Inc. increased its stake in shares of Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Norges Bank purchased a new stake in shares of Palomar in the fourth quarter worth $20,637,000. Price T Rowe Associates Inc. MD increased its stake in shares of Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after purchasing an additional 122,057 shares in the last quarter. Atlas Capital Advisors Inc. increased its stake 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 in the last quarter. Finally, Artemis Investment Management LLP increased its stake in shares of Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock worth $48,052,000 after purchasing an additional 71,806 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Trading Down 1.0 %

Shares of NASDAQ PLMR traded down $1.43 during trading hours on Wednesday, reaching $146.48. The stock had a trading volume of 84,825 shares, compared to its average volume of 188,276. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 32.70 and a beta of 0.46. The business's fifty day moving average price is $136.28 and its two-hundred day moving average price is $116.11. Palomar Holdings, Inc. has a 52-week low of $77.17 and a 52-week high of $155.87.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) 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%. Equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Jon Christianson sold 356 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $104.51, for a total transaction of $37,205.56. Following the transaction, the president now directly owns 57,259 shares of the company's stock, valued at approximately $5,984,138.09. This represents a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, April 21st. The stock was 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. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,519 shares of company stock worth $2,784,657 over the last 90 days. Company insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. Piper Sandler upped their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Truist Financial increased their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and an average target price 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.