Balyasny Asset Management L.P. Increases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Balyasny Asset Management L.P. increased its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 199.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 134,397 shares of the company's stock after buying an additional 89,538 shares during the period. Balyasny Asset Management L.P. owned about 0.51% of Palomar worth $14,191,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PLMR. Blue Trust Inc. purchased a new position in Palomar during the fourth quarter valued at $26,000. Smartleaf Asset Management LLC grew its position in shares of Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after buying an additional 99 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after acquiring an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Stock Performance

Palomar stock traded down $0.08 during mid-day trading on Friday, hitting $159.93. The company's stock had a trading volume of 223,620 shares, compared to its average volume of 196,288. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $163.78. The stock has a market cap of $4.28 billion, a PE ratio of 35.70 and a beta of 0.51. The company has a 50 day moving average of $141.00 and a 200-day moving average of $119.27.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a net margin of 21.23% and a return on equity of 19.76%. The business had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same period in the prior year, the firm earned $1.09 EPS. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 552 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the transaction, the chief financial officer now directly owns 15,683 shares in the company, valued at $1,933,086.58. This represents a 3.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the sale, the chief executive officer now owns 402,388 shares of the company's stock, valued at approximately $52,197,771.36. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,254 shares of company stock worth $2,443,484 in the last ninety days. 3.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. Jefferies Financial Group lifted their price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Piper Sandler increased their price target on Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 14th. Truist Financial lifted their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.33.

About Palomar

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.