Bridgewater Associates LP Cuts Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bridgewater Associates LP reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 83.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,923 shares of the company's stock after selling 14,506 shares during the period. Bridgewater Associates LP's holdings in Palomar were worth $309,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PLMR. FMR LLC boosted its position in shares of Palomar by 39.5% during the third quarter. FMR LLC now owns 2,123 shares of the company's stock worth $201,000 after buying an additional 601 shares during the period. Stifel Financial Corp increased its stake in Palomar by 78.6% during the third quarter. Stifel Financial Corp now owns 15,734 shares of the company's stock worth $1,490,000 after purchasing an additional 6,926 shares during the period. Barclays PLC lifted its position in shares of Palomar by 112.6% during the third quarter. Barclays PLC now owns 71,803 shares of the company's stock worth $6,798,000 after purchasing an additional 38,027 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Palomar by 3.2% in the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company's stock valued at $56,822,000 after purchasing an additional 18,335 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company's stock worth $12,133,000 after buying an additional 11,140 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on 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 transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This represents a 1.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the business's stock in a transaction dated Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $40,065.86. Following the transaction, the chief financial officer now owns 16,943 shares in the company, valued at approximately $1,722,933.67. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,615 shares of company stock valued at $3,633,369 in the last ninety days. Insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research reports. Piper Sandler boosted their price target on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 14th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Jefferies Financial Group increased their price target on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Truist Financial boosted their price objective on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Stock Performance

NASDAQ PLMR traded down $9.29 during trading hours on Friday, hitting $143.86. The company had a trading volume of 124,034 shares, compared to its average volume of 186,948. Palomar Holdings, Inc. has a 1-year low of $77.17 and a 1-year high of $155.87. The company has a market cap of $3.85 billion, a PE ratio of 31.90 and a beta of 0.46. The business has a 50 day moving average of $134.74 and a 200-day moving average of $114.86.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 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.