Geode Capital Management LLC Boosts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Geode Capital Management LLC grew its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 600,092 shares of the company’s stock after purchasing an additional 18,335 shares during the quarter. Geode Capital Management LLC owned approximately 2.27% of Palomar worth $56,822,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. State Street Corp raised its stake in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after purchasing an additional 43,841 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Palomar by 58.7% during the third 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. Finally, HighTower Advisors LLC purchased a new position in Palomar in the third quarter valued at about $1,711,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

PLMR has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Jefferies Financial Group increased their target price on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods increased their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.67.

Palomar Trading Up 1.1 %

NASDAQ:PLMR opened at $104.93 on Monday. The company’s 50 day moving average is $102.14 and its two-hundred day moving average is $94.67. The company has a market cap of $2.78 billion, a PE ratio of 24.92 and a beta of 0.36. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.90.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same period in the previous year, the company earned $0.80 earnings per share. As a group, analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,185 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total transaction of $312,798.85. Following the completion of the sale, the chief executive officer now directly owns 50,312 shares in the company, valued at approximately $4,941,141.52. The trade was a 5.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Jon Christianson sold 3,805 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the completion of the sale, the president now owns 51,926 shares in the company, valued at $5,350,455.04. The trade was a 6.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,356 shares of company stock valued at $2,134,525. 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.