Principal Financial Group Inc. Grows Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Principal Financial Group Inc. increased its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 139,665 shares of the company’s stock after buying an additional 193 shares during the period. Principal Financial Group Inc.’s holdings in Palomar were worth $13,222,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PLMR. Janney Montgomery Scott LLC bought a new position in shares of Palomar during the first quarter valued at $602,000. Quadrature Capital Ltd increased its stake in Palomar by 155.9% during the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock valued at $1,906,000 after purchasing an additional 13,873 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Palomar by 17.1% in the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after buying an additional 43,841 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after buying an additional 167,435 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock valued at $201,487,000 after buying an additional 40,453 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PLMR. Evercore ISI boosted their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. Keefe, Bruyette & Woods boosted their price target on Palomar from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Piper Sandler raised their price target on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 2,195 shares of Palomar stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $104.10, for a total transaction of $228,499.50. Following the transaction, the president now directly owns 51,926 shares of the company’s stock, valued at $5,405,496.60. The trade was a 4.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the sale, the chief financial officer now directly owns 20,594 shares of the company’s stock, valued at $2,038,806. This represents a 7.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,076 shares of company stock valued at $3,806,029. Insiders own 4.30% of the company’s stock.

Palomar Stock Performance

Palomar stock opened at $103.69 on Friday. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $107.00. The stock has a fifty day moving average of $95.77 and a 200 day moving average of $90.13. The stock has a market cap of $2.74 billion, a PE ratio of 24.63 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 4.32 EPS for the current fiscal year.

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.