Palomar Holdings, Inc. (NASDAQ:PLMR) Stock Holdings Lessened by First Trust Advisors LP

First Trust Advisors LP cut its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 6.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,947 shares of the company’s stock after selling 3,673 shares during the quarter. First Trust Advisors LP’s holdings in Palomar were worth $5,802,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PLMR. American Century Companies Inc. lifted its position in Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after purchasing an additional 210,523 shares during the last quarter. Norges Bank bought a new stake in Palomar in the 4th quarter valued at about $20,637,000. Atlas Capital Advisors Inc. lifted its position in Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after purchasing an additional 90,000 shares during the last quarter. Artemis Investment Management LLP lifted its position in 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. Finally, Vanguard Group Inc. lifted its position in 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 during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Price Performance

PLMR stock opened at $145.02 on Thursday. The firm has a market cap of $3.88 billion, a PE ratio of 32.37 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $77.17 and a 12 month high of $155.87. The firm has a 50 day simple moving average of $136.80 and a 200 day simple moving average of $116.30.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 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%. As a group, sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the completion of the sale, the chief executive officer now owns 397,388 shares in the company, valued at approximately $57,784,189.08. This represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan Knutzen sold 282 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the sale, the insider now owns 20,098 shares of the company’s stock, valued at $2,099,437.08. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,519 shares of company stock worth $2,784,657. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PLMR. Truist Financial lifted 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. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Jefferies Financial Group boosted their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Finally, Piper Sandler boosted 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. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average 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.