D. E. Shaw & Co. Inc. Cuts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

D. E. Shaw & Co. Inc. trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 29.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,151 shares of the company's stock after selling 26,301 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.24% of Palomar worth $6,668,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Deutsche Bank AG boosted its holdings in shares of Palomar by 156.0% in the 4th quarter. Deutsche Bank AG now owns 38,319 shares of the company's stock worth $4,046,000 after purchasing an additional 23,352 shares during the period. Captrust Financial Advisors grew its holdings in Palomar by 36.9% during the 4th quarter. Captrust Financial Advisors now owns 7,505 shares of the company's stock valued at $792,000 after purchasing an additional 2,024 shares during the last quarter. Balyasny Asset Management L.P. raised its position in Palomar by 199.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 134,397 shares of the company's stock worth $14,191,000 after purchasing an additional 89,538 shares during the period. Bayesian Capital Management LP purchased a new position in shares of Palomar during the fourth quarter valued at approximately $303,000. Finally, Algert Global LLC grew its stake in shares of Palomar by 8.5% during the fourth quarter. Algert Global LLC now owns 44,584 shares of the company's stock valued at $4,708,000 after buying an additional 3,499 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at $52,197,771.36. This represents a 1.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the sale, the chief financial officer now directly owns 9,172 shares of the company's stock, valued at approximately $1,320,768. This represents a 9.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,702 shares of company stock worth $2,375,444 over the last three months. Corporate insiders own 3.70% of the company's stock.

Palomar Stock Up 2.0%

PLMR stock traded up $3.23 during trading on Wednesday, hitting $162.32. 222,214 shares of the company's stock traded hands, compared to its average volume of 197,951. The firm has a market capitalization of $4.34 billion, a P/E ratio of 36.19 and a beta of 0.51. Palomar Holdings, Inc. has a 1 year low of $77.28 and a 1 year high of $165.00. The business has a fifty day simple moving average of $145.13 and a two-hundred day simple moving average of $122.47.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PLMR shares. Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Truist Financial raised their price target 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. Piper Sandler upped their target price 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. Jefferies Financial Group raised their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, JMP Securities reiterated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $148.33.

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.