Geode Capital Management LLC Increases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Geode Capital Management LLC grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 618,840 shares of the company's stock after purchasing an additional 18,748 shares during the quarter. Geode Capital Management LLC owned approximately 2.34% of Palomar worth $65,358,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. American Century Companies Inc. grew its position in Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after acquiring an additional 210,523 shares during the last quarter. Norges Bank bought a new stake in Palomar during the fourth quarter worth approximately $20,637,000. Artemis Investment Management LLP lifted its stake in shares of Palomar by 18.7% in the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after purchasing an additional 53,123 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Palomar by 37.8% during the fourth quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company's stock worth $18,643,000 after buying an additional 48,396 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PLMR shares. Piper Sandler boosted their price target on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Keefe, Bruyette & Woods dropped their target price 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. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group lifted their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Finally, JMP Securities restated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Palomar presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.33.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the business'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 transaction of $112,939.50. Following the sale, the chief financial officer now owns 16,258 shares of the company's stock, valued at $1,782,689.70. This represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,645 shares of company stock worth $3,787,579. Insiders own 4.30% of the company's stock.

Palomar Price Performance

PLMR stock traded down $0.65 during trading on Friday, hitting $149.79. 178,223 shares of the company traded hands, compared to its average volume of 184,793. Palomar Holdings, Inc. has a 1 year low of $76.20 and a 1 year high of $155.87. The stock's 50-day simple moving average is $131.76 and its 200 day simple moving average is $113.05. The company has a market cap of $4.00 billion, a PE ratio of 33.44 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating 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%. Research analysts expect 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.