Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB decreased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 230,982 shares of the company’s stock after selling 13,620 shares during the quarter. Handelsbanken Fonder AB’s holdings in Palomar were worth $31,663,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its holdings in Palomar by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after purchasing an additional 100 shares during the period. Legato Capital Management LLC raised its stake in Palomar by 8.0% during the 4th quarter. Legato Capital Management LLC now owns 5,920 shares of the company’s stock valued at $625,000 after acquiring an additional 436 shares during the last quarter. Blue Trust Inc. purchased a new stake in shares of Palomar during the fourth quarter worth approximately $26,000. Finally, Rhumbline Advisers boosted its holdings in shares of Palomar by 1.8% in the fourth quarter. Rhumbline Advisers now owns 69,049 shares of the company’s stock valued at $7,291,000 after acquiring an additional 1,221 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Down 3.3%

NASDAQ PLMR opened at $156.87 on Wednesday. Palomar Holdings, Inc. has a 52 week low of $77.28 and a 52 week high of $175.85. The stock has a market cap of $4.20 billion, a P/E ratio of 35.02 and a beta of 0.50. The company’s fifty day simple moving average is $154.36 and its 200-day simple moving average is $129.16.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the prior year, the business posted $1.09 earnings per share. On average, research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the sale, the chief financial officer now owns 9,172 shares in the company, valued at $1,320,768. This represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,202 shares of company stock valued at $3,265,129 in the last three months. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PLMR shares. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods cut their price target on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. upgraded shares of Palomar from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $164.33.

Palomar Company 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.