Palomar Holdings, Inc. (NASDAQ:PLMR) Stake Increased by Horizon Investment Services LLC

Horizon Investment Services LLC raised its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 139.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,028 shares of the company’s stock after acquiring an additional 4,678 shares during the quarter. Horizon Investment Services LLC’s holdings in Palomar were worth $848,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised 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 acquiring an additional 53,123 shares in the last quarter. State Street Corp grew its holdings in Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares in the last quarter. American Century Companies Inc. grew 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. Geode Capital Management LLC increased its stake in Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Palomar by 18.7% during the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after acquiring an additional 71,806 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods lifted their target price on Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Truist Financial boosted their target price on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Piper Sandler increased their price target 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. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.83.

Palomar Stock Performance

PLMR opened at $136.77 on Friday. The stock has a 50-day moving average of $120.94 and a 200-day moving average of $108.01. Palomar Holdings, Inc. has a 52-week low of $74.09 and a 52-week high of $138.69. The company has a market cap of $3.65 billion, a PE ratio of 30.53 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 4,170 shares of the business’s stock in a transaction on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $441,436.20. Following the transaction, the chief executive officer now owns 56,936 shares of the company’s stock, valued at approximately $6,027,244.96. The trade was a 6.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 552 shares of the stock in a transaction on 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 directly owns 15,683 shares of the company’s stock, valued at approximately $1,933,086.58. This trade represents a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,455 shares of company stock worth $3,911,340 over the last three months. 4.30% of the stock is currently owned by insiders.

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.