Sheets Smith Investment Management Purchases Shares of 15,423 Palomar Holdings, Inc. (NASDAQ:PLMR)

Sheets Smith Investment Management purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 15,423 shares of the company’s stock, valued at approximately $1,629,000. Palomar comprises about 1.4% of Sheets Smith Investment Management’s portfolio, making the stock its 22nd largest holding. Sheets Smith Investment Management owned approximately 0.06% of Palomar as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Blue Trust Inc. bought a new stake in shares of Palomar in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after buying an additional 349 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after buying an additional 191 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after buying an additional 99 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after buying an additional 324 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Palomar

In other news, insider Angela L. Grant sold 1,505 shares of the company’s stock in a transaction that occurred on Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the sale, the insider now owns 2,534 shares of the company’s stock, valued at approximately $268,249.24. This represents a 37.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the completion of the sale, the chief executive officer now directly owns 412,388 shares of the company’s stock, valued at $45,263,706.88. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,455 shares of company stock valued at $3,911,340 in the last three months. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a report on Friday. 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. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Truist Financial upped their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.83.

Palomar Price Performance

Palomar stock opened at $129.32 on Monday. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 28.87 and a beta of 0.33. Palomar Holdings, Inc. has a 1 year low of $74.09 and a 1 year high of $136.90. The firm has a 50-day moving average of $118.05 and a two-hundred day moving average of $106.78.

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

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.