KLP Kapitalforvaltning AS Purchases Shares of 5,600 Palomar Holdings, Inc. (NASDAQ:PLMR)

KLP Kapitalforvaltning AS acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,600 shares of the company’s stock, valued at approximately $591,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PLMR. Dakota Wealth Management boosted its stake in Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after buying an additional 92 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after acquiring an additional 99 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Palomar by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after purchasing an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. grew its holdings in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after purchasing an additional 145 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 371 shares of Palomar stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $37,726.99. Following the sale, the president now directly owns 55,771 shares in the company, valued at approximately $5,671,352.99. The trade was a 0.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Angela L. Grant sold 717 shares of the stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.70, for a total transaction of $72,918.90. Following the transaction, the insider now owns 2,951 shares of the company’s stock, valued at approximately $300,116.70. This represents a 19.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,097 shares of company stock worth $3,271,422 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. Piper Sandler raised their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Truist Financial raised their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $127.83.

Palomar Stock Performance

Shares of PLMR stock opened at $141.72 on Thursday. The firm has a fifty day moving average of $122.73 and a 200-day moving average of $109.08. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 31.63 and a beta of 0.33. Palomar Holdings, Inc. has a 52-week low of $74.09 and a 52-week high of $142.18.

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

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.