Principal Financial Group Inc. Purchases 22,473 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Principal Financial Group Inc. boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 157,905 shares of the company’s stock after purchasing an additional 22,473 shares during the period. Principal Financial Group Inc. owned about 0.62% of Palomar worth $16,460,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PLMR. State Street Corp grew its holdings in Palomar by 80.1% during the 1st quarter. State Street Corp now owns 365,007 shares of the company’s stock valued at $21,229,000 after purchasing an additional 162,303 shares during the last quarter. Envestnet Asset Management Inc. bought a new position in Palomar in the 2nd quarter worth about $329,000. SG Americas Securities LLC grew its stake in Palomar by 73.0% in the 2nd quarter. SG Americas Securities LLC now owns 11,269 shares of the company’s stock worth $966,000 after acquiring an additional 4,755 shares in the last quarter. New York State Teachers Retirement System bought a new position in Palomar in the 2nd quarter worth about $1,591,000. Finally, Oregon Public Employees Retirement Fund bought a new position in Palomar in the 2nd quarter worth about $609,000. Institutional investors own 90.60% of the company’s stock.

A number of brokerages have commented on PLMR. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $95.00 to $112.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. Barclays began coverage on shares of Palomar in a research note on Tuesday, November 17th. They issued an “equal weight” rating and a $82.00 target price on the stock. BidaskClub downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Friday, October 23rd. Zacks Investment Research cut shares of Palomar from a “hold” rating to a “sell” rating and set a $115.00 price target for the company. in a research report on Tuesday, October 6th. Finally, Truist lowered their price target on shares of Palomar from $112.00 to $125.00 in a research report on Tuesday, October 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $89.25.

In related news, Director Robert E. Dowdell sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 17th. The shares were sold at an average price of $71.35, for a total transaction of $1,070,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 600 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $106.39, for a total transaction of $63,834.00. The disclosure for this sale can be found here. Insiders have sold 33,800 shares of company stock valued at $2,876,108 in the last three months. 7.70% of the stock is currently owned by corporate insiders.

NASDAQ:PLMR opened at $70.11 on Friday. Palomar Holdings, Inc. has a 52 week low of $39.21 and a 52 week high of $121.87. The firm has a 50 day moving average of $89.92 and a 200 day moving average of $88.01. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 40.76 and a beta of 0.14.

Palomar (NASDAQ:PLMR) last posted its earnings results on Tuesday, November 10th. The company reported ($0.60) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.54) by ($0.06). Palomar had a net margin of 28.80% and a return on equity of 17.46%. The firm had revenue of $42.84 million for the quarter, compared to analysts’ expectations of $45.55 million. During the same period in the previous year, the company earned $0.40 EPS. The company’s revenue was up 51.0% on a year-over-year basis. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Palomar Company Profile

Palomar Holdings, Inc provides specialty property insurance. It offers personal and commercial specialty property insurance products, including residential and commercial earthquake, specialty homeowners, commercial all-risk, Hawaii hurricane, residential flood, inland marine, assumed reinsurance, and real estate investor.

Further Reading: How accurate is the Rule of 72?

Institutional Ownership by Quarter for Palomar (NASDAQ:PLMR)

Receive News & Ratings for Palomar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palomar and related companies with MarketBeat.com's FREE daily email newsletter.