Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Emerald Advisers LLC

Emerald Advisers LLC lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 13.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376,696 shares of the company's stock after selling 58,347 shares during the period. Palomar makes up about 2.3% of Emerald Advisers LLC's investment portfolio, making the stock its 2nd biggest position. Emerald Advisers LLC owned approximately 1.41% of Palomar worth $51,637,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its holdings in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after buying an additional 202 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Palomar during the first quarter valued at $46,000. Jones Financial Companies Lllp boosted its stake in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after acquiring an additional 191 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Palomar during the first quarter valued at $53,000. Finally, USA Financial Formulas acquired a new stake in shares of Palomar during the first quarter valued at $55,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In related news, insider Timothy Carter sold 473 shares of the firm's stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the transaction, the insider owned 361 shares in the company, valued at approximately $55,467.65. This trade represents a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Monday, April 21st. The stock was sold at an average price of $145.41, for a total transaction of $727,050.00. Following the completion of the transaction, the chief executive officer directly owned 397,388 shares of the company's stock, valued at approximately $57,784,189.08. This represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,175 shares of company stock worth $3,126,011. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on PLMR shares. Jefferies Financial Group increased their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Evercore ISI increased their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Truist Financial increased their price objective on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Piper Sandler increased their price objective on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $174.17.

Palomar Price Performance

NASDAQ:PLMR traded up $4.10 during mid-day trading on Monday, reaching $139.11. The company's stock had a trading volume of 81,059 shares, compared to its average volume of 219,613. The company's fifty day simple moving average is $157.37 and its two-hundred day simple moving average is $136.39. Palomar Holdings, Inc. has a twelve month low of $82.55 and a twelve month high of $175.85. The stock has a market cap of $3.72 billion, a P/E ratio of 27.79 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. During the same quarter in the previous year, the business earned $1.09 EPS. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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.