The Manufacturers Life Insurance Company Raises Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

The Manufacturers Life Insurance Company boosted its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 44.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,913 shares of the company's stock after acquiring an additional 33,697 shares during the quarter. The Manufacturers Life Insurance Company owned 0.41% of Palomar worth $11,500,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Palomar by 2.1% in 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 in the last quarter. American Century Companies Inc. lifted its holdings in Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after buying an additional 210,523 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after acquiring an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after acquiring an additional 17,320 shares during the last quarter. Finally, Artemis Investment Management LLP raised its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 552 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the completion of the sale, the chief financial officer now owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. The trade was a 3.40 % 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. 3.70% of the stock is owned by company insiders.

Palomar Price Performance

Shares of NASDAQ:PLMR traded down $0.08 on Friday, reaching $159.93. The company's stock had a trading volume of 223,620 shares, compared to its average volume of 196,288. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $163.78. The stock's 50-day moving average is $141.00 and its two-hundred day moving average is $119.27. The stock has a market capitalization of $4.28 billion, a P/E ratio of 35.70 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The company had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same period last year, the business posted $1.09 EPS. Equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLMR has been the topic of several recent analyst reports. Truist Financial increased their price target on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Piper Sandler increased their target price 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 boosted their price target 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. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, JMP Securities reissued a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.