Emerald Mutual Fund Advisers Trust Sells 82,185 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Emerald Mutual Fund Advisers Trust trimmed its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 26.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 227,166 shares of the company's stock after selling 82,185 shares during the period. Palomar accounts for approximately 2.2% of Emerald Mutual Fund Advisers Trust's investment portfolio, making the stock its 2nd biggest holding. Emerald Mutual Fund Advisers Trust owned about 0.85% of Palomar worth $31,140,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Palomar during the 1st quarter worth about $46,000. NBC Securities Inc. acquired a new stake in Palomar during the 1st quarter worth about $53,000. USA Financial Formulas acquired a new stake in Palomar during the 1st quarter worth about $55,000. Finally, Jones Financial Companies Lllp grew its position in Palomar by 63.2% during the 4th 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 period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Down 2.6%

NASDAQ:PLMR opened at $135.01 on Friday. Palomar Holdings, Inc. has a 52 week low of $82.55 and a 52 week high of $175.85. The stock has a market capitalization of $3.61 billion, a PE ratio of 26.95 and a beta of 0.46. The stock's 50-day moving average price is $157.37 and its 200-day moving average price is $135.96.

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

Insider Buying and Selling

In related news, insider Timothy Carter sold 473 shares of Palomar stock in a transaction dated Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the sale, the insider directly owned 361 shares in the company, valued at approximately $55,467.65. The trade was a 56.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer owned 387,388 shares in the company, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,175 shares of company stock worth $3,276,251. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Jefferies Financial Group increased 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. Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods cut their price target on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research report on Monday, June 30th. Evercore ISI raised their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Finally, Truist Financial raised their target price on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $174.17.

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.

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