Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 11.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,407 shares of the company’s stock after selling 700 shares during the period. PNC Financial Services Group Inc.’s holdings in Palomar were worth $300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after buying an additional 52,659 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in Palomar by 174.7% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock worth $1,061,000 after acquiring an additional 12,157 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Palomar by 6.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after purchasing an additional 27,199 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Palomar by 375,455.6% in the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after purchasing an additional 33,791 shares in the last quarter. Finally, Stephens Investment Management Group LLC lifted its position in shares of Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock worth $59,752,000 after purchasing an additional 109,261 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $80.32, for a total transaction of $80,320.00. Following the completion of the transaction, the chief financial officer now owns 24,094 shares in the company, valued at approximately $1,935,230.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $80.32, for a total value of $80,320.00. Following the completion of the sale, the chief financial officer now directly owns 24,094 shares of the company’s stock, valued at approximately $1,935,230.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the transaction, the president now owns 57,761 shares of the company’s stock, valued at $4,407,164.30. The disclosure for this sale can be found here. Insiders have sold a total of 29,250 shares of company stock worth $2,355,740 in the last three months. 4.30% of the stock is owned by company insiders.

Palomar Stock Performance

Palomar stock opened at $81.15 on Monday. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $89.22. The company has a 50-day simple moving average of $82.41 and a 200-day simple moving average of $73.57. The firm has a market capitalization of $2.02 billion, a P/E ratio of 23.32 and a beta of 0.32.

Palomar (NASDAQ:PLMR) last posted its earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.81 by $0.28. The firm had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.2 earnings per share for the current year.

Analysts Set New Price Targets

PLMR has been the topic of several research reports. Keefe, Bruyette & Woods upped their price objective on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Truist Financial raised their price objective on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. lowered shares of Palomar from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $79.00 to $85.00 in a research note on Monday, April 8th. Evercore ISI raised their price target on shares of Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a research report on Wednesday, May 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $99.00 price objective (up previously from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.83.

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.