New Vernon Investment Management LLC Purchases 8,697 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

New Vernon Investment Management LLC raised its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 98.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,517 shares of the company’s stock after purchasing an additional 8,697 shares during the period. Palomar makes up 1.1% of New Vernon Investment Management LLC’s portfolio, making the stock its 17th biggest position. New Vernon Investment Management LLC’s holdings in Palomar were worth $1,850,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings 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 purchasing an additional 210,523 shares in the last quarter. Norges Bank bought a new position in shares of Palomar during the 4th quarter worth approximately $20,637,000. Price T Rowe Associates Inc. MD lifted its position in shares of Palomar by 39.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock worth $45,622,000 after buying an additional 122,057 shares during the period. Atlas Capital Advisors Inc. boosted its stake in Palomar by 175.5% in the 4th 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. Finally, Artemis Investment Management LLP grew its position in 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 acquiring an additional 71,806 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Up 0.8 %

Shares of PLMR stock opened at $153.15 on Friday. Palomar Holdings, Inc. has a 1 year low of $77.17 and a 1 year high of $155.87. The firm’s 50 day moving average is $134.74 and its 200-day moving average is $114.86. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 34.19 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other Palomar 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the company’s stock in a transaction on Sunday, January 26th. The shares were 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 of the company’s stock, valued at $1,722,933.67. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,615 shares of company stock worth $3,633,369 over the last 90 days. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PLMR. Truist Financial lifted their price objective on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Jefferies Financial Group lifted their target price on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Finally, JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Palomar has an average rating of “Moderate Buy” and a consensus price target of $148.33.

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.