Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Up 29.1% in September

Palomar Holdings, Inc. (NASDAQ:PLMR) saw a large growth in short interest in September. As of September 15th, there was short interest totalling 515,200 shares, a growth of 29.1% from the August 31st total of 399,000 shares. Currently, 2.0% of the shares of the company are sold short. Based on an average daily volume of 178,800 shares, the short-interest ratio is currently 2.9 days.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now owns 20,594 shares in the company, valued at approximately $2,038,806. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The disclosure for this sale can be found here. Insiders sold 48,500 shares of company stock worth $4,464,266 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Palomar by 1.7% during the first quarter. Vanguard Group Inc. now owns 2,403,520 shares of the company’s stock worth $201,487,000 after buying an additional 40,453 shares in the last quarter. Champlain Investment Partners LLC grew its stake in Palomar by 5.5% during the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock valued at $112,399,000 after acquiring an additional 69,615 shares in the last quarter. Stephens Investment Management Group LLC raised its holdings in Palomar by 11.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after acquiring an additional 66,478 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its stake in Palomar by 36.1% in the 2nd quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after purchasing an additional 90,010 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PLMR shares. Piper Sandler raised their price objective on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Evercore ISI upped their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Finally, Truist Financial lifted their price target on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Palomar Stock Down 0.5 %

Shares of NASDAQ PLMR traded down $0.45 during trading on Friday, hitting $94.82. The company had a trading volume of 125,518 shares, compared to its average volume of 150,012. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 27.25 and a beta of 0.34. The stock has a fifty day simple moving average of $94.12 and a two-hundred day simple moving average of $86.38. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $100.29.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. During the same period in the previous year, the firm posted $0.72 EPS. Palomar’s revenue was up 47.0% compared to the same quarter last year. On average, analysts anticipate that Palomar will post 4.37 earnings per share for the current year.

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.