Envestnet Asset Management Inc. Increases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Envestnet Asset Management Inc. grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 28.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,688 shares of the company’s stock after acquiring an additional 9,036 shares during the period. Envestnet Asset Management Inc. owned about 0.15% of Palomar worth $4,296,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. grew its stake in shares of Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after purchasing an additional 210,523 shares during the period. Norges Bank acquired a new position in Palomar during the fourth quarter worth about $20,637,000. Atlas Capital Advisors Inc. increased its holdings in Palomar by 175.5% in the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock valued at $14,918,000 after buying an additional 90,000 shares in the last quarter. Artemis Investment Management LLP lifted its position in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after acquiring an additional 71,806 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock worth $271,886,000 after acquiring an additional 53,123 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Jefferies Financial Group lifted their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Finally, Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average price target of $148.33.

Palomar Trading Up 2.7 %

NASDAQ:PLMR opened at $152.00 on Thursday. Palomar Holdings, Inc. has a 12-month low of $77.17 and a 12-month high of $155.87. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 33.93 and a beta of 0.46. The company’s 50-day moving average is $134.22 and its two-hundred day moving average is $114.46.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) 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%. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the sale, the chief executive officer now directly owns 397,388 shares of the company’s stock, valued at approximately $57,784,189.08. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $104.46, for a total transaction of $29,457.72. Following the transaction, the insider now directly owns 20,098 shares of the company’s stock, valued at $2,099,437.08. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,615 shares of company stock valued at $3,633,369 over the last quarter. Company 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.