Handelsbanken Fonder AB Boosts Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Handelsbanken Fonder AB lifted its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,602 shares of the company’s stock after purchasing an additional 5,335 shares during the period. Handelsbanken Fonder AB’s holdings in Palomar were worth $25,828,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar in the third quarter valued at approximately $25,000. Blue Trust Inc. purchased a new position in shares of Palomar during the 4th quarter valued at approximately $26,000. Farther Finance Advisors LLC grew its stake in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. Covestor Ltd grew its stake in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after acquiring an additional 181 shares during the period. Finally, KBC Group NV increased its holdings in Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after acquiring an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

PLMR opened at $120.76 on Friday. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 26.96 and a beta of 0.38. The company’s 50 day simple moving average is $108.89 and its two-hundred day simple moving average is $101.86. Palomar Holdings, Inc. has a 1-year low of $71.54 and a 1-year high of $128.38.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping 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%. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 5.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PLMR has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $136.00 to $152.00 and gave the company an “outperform” rating in a research report on Tuesday. Truist Financial lifted their price objective on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. boosted their price objective on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.33.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $103.04, for a total value of $721,280.00. Following the completion of the transaction, the chief executive officer now directly owns 419,388 shares in the company, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 552 shares of Palomar stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total value of $68,039.52. Following the completion of the sale, the chief financial officer now owns 15,683 shares in the company, valued at $1,933,086.58. This represents a 3.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,485 shares of company stock worth $4,098,195 in the last quarter. Company insiders own 4.30% of the company’s stock.

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.