Conestoga Capital Advisors LLC Decreases Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Conestoga Capital Advisors LLC lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,720 shares of the company’s stock after selling 4,105 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Palomar were worth $2,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PLMR. State Street Corp boosted its holdings in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the period. Geode Capital Management LLC boosted its stake in Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after buying an additional 11,140 shares during the last quarter. Thrivent Financial for Lutherans grew its position 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 buying an additional 12,147 shares during the period. Finally, HighTower Advisors LLC purchased a new position in Palomar during the third quarter valued at $1,711,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

NASDAQ PLMR opened at $106.50 on Monday. The stock has a 50 day moving average price of $106.93 and a 200-day moving average price of $99.45. Palomar Holdings, Inc. has a one year low of $57.55 and a one year high of $112.90. The company has a market capitalization of $2.82 billion, a P/E ratio of 24.92 and a beta of 0.38.

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped 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. Piper Sandler raised their price objective on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods increased their price target on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 2,444 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total value of $264,782.96. Following the completion of the sale, the chief executive officer now directly owns 64,982 shares of the company’s stock, valued at $7,040,149.88. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of Palomar stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $104.00, for a total transaction of $115,544.00. Following the sale, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at $1,708,928. This represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,974 shares of company stock valued at $4,033,026. Insiders own 4.30% of the company’s stock.

About Palomar

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.