Principal Financial Group Inc. Grows Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Principal Financial Group Inc. grew its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 139,665 shares of the company’s stock after acquiring an additional 193 shares during the quarter. Principal Financial Group Inc. owned about 0.53% of Palomar worth $13,222,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PLMR. Hohimer Wealth Management LLC purchased a new stake in Palomar in the 3rd quarter valued at about $224,000. Geode Capital Management LLC lifted its holdings in shares of Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after acquiring an additional 18,335 shares during the last quarter. Barclays PLC boosted its position in shares of Palomar by 112.6% during the 3rd quarter. Barclays PLC now owns 71,803 shares of the company’s stock worth $6,798,000 after purchasing an additional 38,027 shares during the period. Soros Fund Management LLC acquired a new stake in Palomar in the 3rd quarter valued at approximately $9,467,000. Finally, State Street Corp raised its position in Palomar by 3.0% in the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock valued at $103,919,000 after purchasing an additional 32,151 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

Shares of PLMR opened at $104.39 on Friday. The firm has a fifty day moving average price of $102.81 and a 200 day moving average price of $95.27. The stock has a market cap of $2.76 billion, a PE ratio of 24.80 and a beta of 0.36. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $112.90.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $134.72 million. During the same period in the prior year, the business posted $0.80 EPS. As a group, equities analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 3,185 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total value of $312,798.85. Following the sale, the chief executive officer now directly owns 50,312 shares of the company’s stock, valued at approximately $4,941,141.52. This represents a 5.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Jon Christianson sold 3,805 shares of Palomar stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $103.04, for a total transaction of $392,067.20. Following the transaction, the president now owns 51,926 shares of the company’s stock, valued at approximately $5,350,455.04. The trade was a 6.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,356 shares of company stock valued at $2,855,805 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLMR. Jefferies Financial Group raised their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $111.67.

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.