15,423 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Acquired by Sheets Smith Investment Management

Sheets Smith Investment Management purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,423 shares of the company’s stock, valued at approximately $1,629,000. Palomar makes up 1.4% of Sheets Smith Investment Management’s investment portfolio, making the stock its 22nd biggest holding.

A number of other hedge funds have also bought and sold shares of PLMR. Natixis Advisors LLC acquired a new position in Palomar during the 3rd quarter valued at approximately $1,007,000. Thrivent Financial for Lutherans increased its stake in Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares in the last quarter. Quest Partners LLC increased its stake in Palomar by 1,122.5% during the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock valued at $396,000 after purchasing an additional 3,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Palomar during the 3rd quarter valued at approximately $371,000. Finally, Intech Investment Management LLC increased its stake in Palomar by 109.0% during the 3rd quarter. Intech Investment Management LLC now owns 9,040 shares of the company’s stock valued at $856,000 after purchasing an additional 4,714 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Activity at Palomar

In other news, CFO T Christopher Uchida sold 864 shares of Palomar stock in a transaction dated Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $91,463.04. Following the sale, the chief financial officer now owns 17,288 shares in the company, valued at $1,830,107.68. This trade represents a 4.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 2,791 shares of Palomar stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total transaction of $283,816.79. Following the completion of the sale, the chief executive officer now owns 62,639 shares in the company, valued at approximately $6,369,759.91. This trade represents a 4.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,455 shares of company stock worth $3,911,340. 4.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PLMR shares. Truist Financial raised their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday. JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler raised their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $127.83.

Palomar Stock Performance

PLMR stock opened at $129.32 on Monday. The firm has a market cap of $3.45 billion, a PE ratio of 28.87 and a beta of 0.33. The firm’s fifty day moving average is $118.05 and its 200 day moving average is $106.78. Palomar Holdings, Inc. has a one year low of $74.09 and a one year high of $136.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share 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.