Geode Capital Management LLC Purchases 18,748 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Geode Capital Management LLC grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 618,840 shares of the company’s stock after acquiring an additional 18,748 shares during the period. Geode Capital Management LLC’s holdings in Palomar were worth $65,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PLMR. FMR LLC raised its position in Palomar by 39.5% in the 3rd quarter. FMR LLC now owns 2,123 shares of the company’s stock valued at $201,000 after purchasing an additional 601 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Palomar in the third quarter valued at $1,711,000. Stifel Financial Corp raised its holdings in shares of Palomar by 78.6% in the third quarter. Stifel Financial Corp now owns 15,734 shares of the company’s stock valued at $1,490,000 after buying an additional 6,926 shares during the last quarter. State Street Corp lifted its position in 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 buying an additional 32,151 shares in the last quarter. Finally, Barclays PLC grew its holdings in Palomar by 112.6% during 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 last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 3.4 %

NASDAQ:PLMR opened at $147.88 on Friday. Palomar Holdings, Inc. has a 12-month low of $74.09 and a 12-month high of $148.54. The stock’s fifty day simple moving average is $128.46 and its 200-day simple moving average is $111.61. The firm has a market capitalization of $3.95 billion, a P/E ratio of 33.01 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping 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, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the transaction, the chief financial officer now directly owns 9,172 shares in the company, valued at approximately $1,320,768. The trade was a 9.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the sale, the chief executive officer now owns 412,388 shares in the company, valued at $45,263,706.88. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,097 shares of company stock worth $3,415,422. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLMR. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Piper Sandler increased their price objective on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Jefferies Financial Group boosted their target price on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods lowered their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $143.67.

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.