Wells Fargo & Company MN Increases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Wells Fargo & Company MN raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 77.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,953 shares of the company’s stock after buying an additional 13,117 shares during the quarter. Wells Fargo & Company MN owned about 0.11% of Palomar worth $3,163,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. grew its stake in Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after acquiring an additional 11,140 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Palomar by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after purchasing an additional 7,875 shares in the last quarter. Artemis Investment Management LLP increased its holdings in shares of Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Atlas Capital Advisors Inc. lifted its position in Palomar by 175.5% during the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock worth $14,918,000 after buying an additional 90,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Palomar by 28.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company’s stock worth $4,525,000 after buying an additional 9,396 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PLMR has been the topic of several analyst reports. Jefferies Financial Group lifted their price target on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial lifted their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Finally, Piper Sandler lifted their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $148.33.

Palomar Trading Up 2.6 %

PLMR stock opened at $147.96 on Wednesday. The business’s fifty day moving average price is $133.72 and its 200 day moving average price is $114.20. Palomar Holdings, Inc. has a 12-month low of $77.17 and a 12-month high of $155.87. The company has a market capitalization of $3.96 billion, a PE ratio of 33.03 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data 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 EPS for the current fiscal year.

Insider Activity

In other Palomar news, insider Angela L. Grant sold 717 shares of the business’s stock in a transaction that occurred on Sunday, January 26th. The shares were sold at an average price of $101.70, for a total transaction of $72,918.90. Following the completion of the transaction, the insider now owns 2,951 shares in the company, valued at $300,116.70. The trade was a 19.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jonathan Knutzen sold 282 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the sale, the insider now owns 20,098 shares in the company, valued at $2,099,437.08. The trade was a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,615 shares of company stock worth $2,906,319. Corporate insiders own 4.30% of the company’s stock.

About Palomar

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.