SG Americas Securities LLC Lowers Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

SG Americas Securities LLC cut its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 94.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,798 shares of the company’s stock after selling 44,144 shares during the period. SG Americas Securities LLC’s holdings in Palomar were worth $265,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in 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 raised its position in Palomar by 5.5% during the first quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock worth $112,399,000 after acquiring an additional 69,615 shares during the period. Dimensional Fund Advisors LP raised 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 acquiring an additional 66,478 shares during the period. Artemis Investment Management LLP raised its position in Palomar by 36.1% during the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock worth $27,548,000 after acquiring an additional 90,010 shares during the period. Finally, Driehaus Capital Management LLC raised its position in Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after acquiring an additional 43,841 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Down 0.3 %

Shares of NASDAQ PLMR opened at $97.09 on Monday. The firm has a 50-day simple moving average of $95.83 and a 200-day simple moving average of $87.91. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 25.62 and a beta of 0.33. Palomar Holdings, Inc. has a 52 week low of $48.08 and a 52 week high of $103.40.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million during the quarter, compared to analysts’ expectations of $338.74 million. During the same period in the prior year, the business earned $0.72 earnings per share. The company’s quarterly revenue was up 47.0% compared to the same quarter last year. As a group, equities research analysts expect that Palomar Holdings, Inc. will post 4.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLMR. Truist Financial upped their price objective on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. 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. Jefferies Financial Group upped their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. 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 research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.50.

Insider Activity at Palomar

In other news, Director Thomas A. Bradley acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $89.42 per share, with a total value of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Thomas A. Bradley acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $89.42 per share, with a total value of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares of the company’s stock, valued at approximately $2,038,806. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,520 shares of company stock valued at $2,952,526. 4.30% of the stock is owned by company insiders.

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.