Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,665 shares of the company’s stock after purchasing an additional 193 shares during the quarter. Principal Financial Group Inc.’s holdings in Palomar were worth $13,222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PLMR. Hohimer Wealth Management LLC purchased a new stake in shares of Palomar during the third quarter worth about $224,000. Geode Capital Management LLC boosted its position in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after acquiring an additional 18,335 shares during the last quarter. Barclays PLC grew its stake in Palomar by 112.6% in the 3rd quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after acquiring an additional 38,027 shares during the period. Soros Fund Management LLC acquired a new position in Palomar in the 3rd quarter valued at $9,467,000. Finally, State Street Corp lifted its stake in shares of Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $104.39 on Friday. The stock has a 50-day simple moving average of $102.81 and a 200-day simple moving average of $95.27. The stock has a market capitalization of $2.76 billion, a P/E ratio of 24.80 and a beta of 0.36. Palomar Holdings, Inc. has a 1 year low of $54.50 and a 1 year high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period in the previous year, the firm earned $0.80 earnings per share. Analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PLMR. Piper Sandler lifted their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Jefferies Financial Group raised their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average price target of $111.67.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 3,805 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares of the company’s stock, valued at $5,350,455.04. This trade represents a 6.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,356 shares of company stock worth $2,855,805. Corporate 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.