PNC Financial Services Group Inc. Boosts Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

PNC Financial Services Group Inc. raised its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 26.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,165 shares of the company’s stock after purchasing an additional 1,075 shares during the period. PNC Financial Services Group Inc.’s holdings in Palomar were worth $545,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PLMR. Natixis Advisors LLC purchased a new position in Palomar during the third quarter valued at $1,007,000. Thrivent Financial for Lutherans lifted its holdings in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares in the last quarter. Quest Partners LLC lifted its holdings in Palomar by 1,122.5% during the third quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock valued at $396,000 after purchasing an additional 3,839 shares in the last quarter. Premier Fund Managers Ltd lifted its stake in shares of Palomar by 4.7% in the third quarter. Premier Fund Managers Ltd now owns 19,882 shares of the company’s stock worth $1,887,000 after buying an additional 900 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Palomar in the third quarter worth about $371,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Trading Down 0.6 %

Palomar stock opened at $129.42 on Thursday. Palomar Holdings, Inc. has a 12-month low of $74.09 and a 12-month high of $136.90. The stock has a market cap of $3.45 billion, a P/E ratio of 28.89 and a beta of 0.33. The company has a 50-day moving average price of $116.99 and a 200 day moving average price of $106.28.

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, topping 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%. As a group, analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In other Palomar news, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction dated Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the sale, the insider now directly owns 2,534 shares in the company, valued at $268,249.24. This trade represents a 37.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,455 shares of company stock worth $3,984,020 over the last three months. Insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Truist Financial raised their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $136.00 to $152.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and an average price target of $127.33.

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.