Palomar Holdings, Inc. (NASDAQ:PLMR) Stake Reduced by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lessened its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 72.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 652 shares of the company’s stock after selling 1,708 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Palomar were worth $53,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PLMR. International Assets Investment Management LLC acquired a new stake in shares of Palomar during the 2nd quarter valued at $49,000. DekaBank Deutsche Girozentrale acquired a new stake in Palomar during the first quarter valued at $59,000. Advisors Asset Management Inc. boosted its position in Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after purchasing an additional 425 shares during the last quarter. Atwood & Palmer Inc. grew its stake in Palomar by 66.7% in the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after purchasing an additional 300 shares in the last quarter. Finally, Covestor Ltd increased its position in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after purchasing an additional 266 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palomar

In related news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total value of $182,700.00. Following the completion of the transaction, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at approximately $42,052,650.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total value of $182,700.00. Following the transaction, the president now owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The disclosure for this sale can be found here. In the last three months, insiders sold 48,500 shares of company stock valued at $4,464,266. Company insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Palomar Stock Down 0.2 %

Shares of NASDAQ PLMR opened at $94.67 on Tuesday. Palomar Holdings, Inc. has a 12 month low of $48.08 and a 12 month high of $100.29. The business’s 50 day moving average is $94.12 and its two-hundred day moving average is $86.46. The company has a market cap of $2.37 billion, a P/E ratio of 27.20 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The business had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s revenue for the quarter was up 47.0% compared to the same quarter last year. During the same period last year, the business earned $0.72 earnings per share. Sell-side analysts expect that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

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.