Jane Street Group LLC reduced its position in Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) by 20.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,207 shares of the company’s stock after selling 6,801 shares during the quarter. Jane Street Group LLC owned approximately 0.10% of Palomar worth $2,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in PLMR. State Street Corp grew its stake in shares of Palomar by 3.0% during the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after acquiring an additional 32,151 shares during the period. Dimensional Fund Advisors LP boosted its position in Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares during the period. Emerald Advisers LLC increased its stake in shares of Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after purchasing an additional 8,601 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares in the last quarter. Finally, Artemis Investment Management LLP raised its position in shares of Palomar by 12.9% in the third quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock valued at $36,285,000 after purchasing an additional 43,812 shares during the period. 90.25% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. This represents a 5.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the transaction, the president now directly owns 51,926 shares in the company, valued at approximately $5,350,455.04. This represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,356 shares of company stock worth $2,134,525. Insiders own 4.30% of the company’s stock.
Palomar Stock Performance
Palomar (NASDAQ:PLMR – Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.20. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period in the prior year, the company earned $0.80 EPS. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research analysts recently commented on PLMR shares. Piper Sandler raised their price objective on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Jefferies Financial Group raised their target price on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.67.
Get Our Latest Stock Report on PLMR
Palomar 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.
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