KLP Kapitalforvaltning AS Takes $591,000 Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

KLP Kapitalforvaltning AS bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,600 shares of the company’s stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. increased its position in Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after acquiring an additional 210,523 shares during the last quarter. Trillium Asset Management LLC purchased a new position in shares of Palomar during the 4th quarter worth about $4,599,000. Cibc World Markets Corp bought a new position in Palomar during the 4th quarter valued at about $254,000. Natixis Advisors LLC raised its position in Palomar by 4.5% in the 4th quarter. Natixis Advisors LLC now owns 11,110 shares of the company’s stock worth $1,173,000 after purchasing an additional 475 shares during the period. Finally, Swiss National Bank lifted its stake in Palomar by 5.5% in the fourth quarter. Swiss National Bank now owns 51,500 shares of the company’s stock worth $5,438,000 after purchasing an additional 2,700 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $141.72 on Thursday. The business’s 50 day moving average price is $122.73 and its 200 day moving average price is $109.08. The company 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 one year low of $74.09 and a one year high of $142.18.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 394 shares of Palomar stock in a transaction dated 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 owns 16,943 shares in the company, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 3,154 shares of Palomar stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $109.27, for a total transaction of $344,637.58. Following the completion of the transaction, the chief executive officer now directly owns 60,032 shares in the company, valued at $6,559,696.64. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,097 shares of company stock valued at $3,271,422 in the last 90 days. Company insiders own 4.30% of the company’s stock.

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.