Bessemer Group Inc. Reduces Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bessemer Group Inc. trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 27.7% during the fourth quarter, Holdings Channel reports. The firm owned 13,065 shares of the company’s stock after selling 4,999 shares during the quarter. Bessemer Group Inc.’s holdings in Palomar were worth $1,380,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Dakota Wealth Management raised its stake in shares of Palomar by 3.1% during 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 raised its position in Palomar by 21.8% during the fourth 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 last quarter. State of Alaska Department of Revenue raised its position in Palomar by 0.7% during 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 position in shares of 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 last quarter. Finally, Avantax Advisory Services Inc. increased its stake in shares of Palomar by 2.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after purchasing an additional 145 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other news, President Jon Christianson sold 371 shares of the firm’s 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 transaction, the president now owns 55,771 shares of the company’s stock, valued at approximately $5,671,352.99. This trade represents a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the sale, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,097 shares of company stock worth $3,415,422. 4.30% of the stock is owned by insiders.

Palomar Price Performance

NASDAQ PLMR opened at $150.54 on Tuesday. The company has a 50-day moving average of $129.28 and a 200-day moving average of $112.12. Palomar Holdings, Inc. has a 12 month low of $74.77 and a 12 month high of $152.42. The company has a market cap of $4.02 billion, a P/E ratio of 33.60 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

PLMR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Jefferies Financial Group increased their price objective on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Piper Sandler upped their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, Truist Financial lifted their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently 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.