Principal Financial Group Inc. Has $13.51 Million Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Principal Financial Group Inc. boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,463 shares of the company’s stock after purchasing an additional 2,732 shares during the period. Principal Financial Group Inc. owned 0.79% of Palomar worth $13,506,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Palomar by 3.7% during the first quarter. BlackRock Inc. now owns 3,281,277 shares of the company’s stock valued at $219,977,000 after purchasing an additional 116,040 shares during the last quarter. Swiss National Bank boosted its position in Palomar by 1.2% during the first quarter. Swiss National Bank now owns 40,800 shares of the company’s stock valued at $2,735,000 after purchasing an additional 500 shares during the last quarter. Rhumbline Advisers boosted its position in Palomar by 3.5% during the first quarter. Rhumbline Advisers now owns 59,393 shares of the company’s stock valued at $3,982,000 after purchasing an additional 2,033 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Palomar by 5.7% during the first quarter. Envestnet Asset Management Inc. now owns 10,352 shares of the company’s stock valued at $694,000 after purchasing an additional 557 shares during the last quarter. Finally, Oak Ridge Investments LLC boosted its position in Palomar by 736.0% during the first quarter. Oak Ridge Investments LLC now owns 500,562 shares of the company’s stock valued at $33,557,000 after purchasing an additional 440,688 shares during the last quarter. 89.28% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:PLMR opened at $75.34 on Friday. The stock’s fifty day moving average price is $70.62. Palomar Holdings, Inc. has a 52-week low of $61.01 and a 52-week high of $121.87. The firm has a market cap of $1.93 billion, a P/E ratio of 179.39 and a beta of -0.29.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, May 5th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.22. The firm had revenue of $49.98 million for the quarter, compared to the consensus estimate of $51.11 million. Palomar had a return on equity of 4.16% and a net margin of 6.26%. On average, equities analysts predict that Palomar Holdings, Inc. will post 2.42 earnings per share for the current fiscal year.

In other news, President Heath A. Fisher sold 6,500 shares of the stock in a transaction on Wednesday, May 19th. The stock was sold at an average price of $64.92, for a total value of $421,980.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 12,500 shares of the stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $71.20, for a total value of $890,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 45,300 shares of company stock worth $3,139,740. 6.40% of the stock is currently owned by company insiders.

A number of analysts have weighed in on the company. Zacks Investment Research raised Palomar from a “sell” rating to a “hold” rating and set a $74.00 price target for the company in a research report on Wednesday, March 17th. JMP Securities lowered their price objective on Palomar from $105.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, April 16th. Finally, Barclays upgraded Palomar from an “equal weight” rating to an “overweight” rating and set a $94.00 price objective on the stock in a research note on Friday, March 26th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $99.17.

Palomar Company Profile

Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.

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Institutional Ownership by Quarter for Palomar (NASDAQ:PLMR)

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