Driehaus Capital Management LLC Cuts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Driehaus Capital Management LLC lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 542,142 shares of the company's stock after selling 39,280 shares during the period. Driehaus Capital Management LLC owned 2.05% of Palomar worth $57,245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PLMR. JPMorgan Chase & Co. increased its position 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. Principal Financial Group Inc. increased its position in Palomar by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company's stock worth $15,579,000 after buying an additional 7,875 shares during the period. Artemis Investment Management LLP increased its position in Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock worth $48,052,000 after buying an additional 71,806 shares during the period. Atlas Capital Advisors Inc. increased its position in Palomar by 175.5% during the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock worth $14,918,000 after buying an additional 90,000 shares during the period. Finally, Harbor Capital Advisors Inc. increased its position in Palomar by 28.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 42,853 shares of the company's stock worth $4,525,000 after buying an additional 9,396 shares during the period. Institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Jefferies Financial Group raised 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. Truist Financial raised their price target on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Keefe, Bruyette & Woods decreased their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Piper Sandler raised their price target on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Palomar has an average rating of "Moderate Buy" and a consensus target price of $148.33.

Palomar Price Performance

NASDAQ:PLMR traded down $4.63 during trading hours on Monday, hitting $155.30. The company's stock had a trading volume of 337,284 shares, compared to its average volume of 196,852. The stock has a fifty day simple moving average of $141.00 and a 200-day simple moving average of $119.44. The company has a market capitalization of $4.15 billion, a P/E ratio of 34.67 and a beta of 0.51. Palomar Holdings, Inc. has a twelve month low of $77.28 and a twelve month high of $170.56.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The business had revenue of $174.63 million for the quarter, compared to analyst estimates 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 firm posted $1.09 earnings per share. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $153.04, for a total value of $76,520.00. Following the completion of the sale, the chief financial officer now owns 7,672 shares of the company's stock, valued at approximately $1,174,122.88. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,254 shares of company stock valued at $2,443,484. 3.70% of the stock is currently owned by corporate 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.