Dimensional Fund Advisors LP Boosts Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Dimensional Fund Advisors LP raised its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 421,746 shares of the company’s stock after acquiring an additional 52,659 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Palomar were worth $23,407,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Jump Financial LLC purchased a new position in shares of Palomar in the fourth quarter worth about $379,000. BNP Paribas Financial Markets lifted its stake in shares of Palomar by 26.9% in the fourth quarter. BNP Paribas Financial Markets now owns 31,612 shares of the company’s stock worth $1,754,000 after buying an additional 6,709 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Palomar in the fourth quarter worth about $328,000. Versor Investments LP purchased a new position in shares of Palomar in the fourth quarter worth about $377,000. Finally, Picton Mahoney Asset Management purchased a new position in shares of Palomar in the fourth quarter worth about $108,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

Shares of PLMR opened at $84.65 on Tuesday. Palomar Holdings, Inc. has a 1-year low of $48.08 and a 1-year high of $89.22. The stock has a market cap of $2.11 billion, a PE ratio of 24.32 and a beta of 0.32. The firm has a 50-day simple moving average of $81.43 and a two-hundred day simple moving average of $70.63.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. During the same period last year, the business earned $0.80 earnings per share. The business’s revenue for the quarter was up 29.1% on a year-over-year basis. As a group, sell-side analysts expect that Palomar Holdings, Inc. will post 4.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLMR. Piper Sandler reissued an “overweight” rating and issued a $99.00 price target (up from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. Truist Financial lifted their target price on shares of Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Evercore ISI lifted their target price on shares of Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a research note on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 29th. Finally, JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $79.00 to $85.00 in a research note on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.83.

Insider Buying and Selling at Palomar

In related news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total value of $820,900.00. Following the completion of the transaction, the president now owns 59,761 shares in the company, valued at $4,905,780.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total value of $578,340.00. Following the completion of the transaction, the chief executive officer now owns 475,388 shares in the company, valued at $39,276,556.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total transaction of $820,900.00. Following the completion of the transaction, the president now owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The disclosure for this sale can be found here. Insiders sold a total of 40,750 shares of company stock worth $3,314,505 over the last three months. Insiders own 4.30% of the company’s stock.

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.