Invesco Ltd. Acquires 35,127 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Invesco Ltd. increased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 24.5% during the fourth quarter, HoldingsChannel reports. The firm owned 178,569 shares of the company’s stock after buying an additional 35,127 shares during the period. Invesco Ltd.’s holdings in Palomar were worth $18,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Blue Trust Inc. purchased a new position in Palomar in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC lifted its position in Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares during the period. Jones Financial Companies Lllp boosted its holdings in Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC grew its position in 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 purchasing an additional 99 shares during the period. Finally, KBC Group NV raised its stake in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after buying an additional 324 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. 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 research note on Wednesday, April 9th. Jefferies Financial Group increased their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Piper Sandler increased their price target on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.33.

Palomar Stock Performance

PLMR opened at $149.79 on Friday. The firm’s fifty day moving average is $132.55 and its 200 day moving average is $113.57. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 33.44 and a beta of 0.46. Palomar Holdings, Inc. has a fifty-two week low of $77.17 and a fifty-two week high of $155.87.

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

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 3,202 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares in the company, valued at $10,741,265.44. This trade represents a 4.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,030 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total value of $112,939.50. Following the completion of the sale, the chief financial officer now owns 16,258 shares in the company, valued at $1,782,689.70. This represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,645 shares of company stock valued at $3,787,579. Corporate 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.