Hunter Associates Investment Management LLC Lowers Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Hunter Associates Investment Management LLC lowered its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 12.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,457 shares of the company's stock after selling 2,232 shares during the quarter. Hunter Associates Investment Management LLC owned about 0.06% of Palomar worth $2,120,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PLMR. Smartleaf Asset Management LLC lifted its position in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after purchasing an additional 349 shares during the period. Nisa Investment Advisors LLC lifted its position in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares during the period. Opal Wealth Advisors LLC acquired a new stake in shares of Palomar during the 1st quarter valued at approximately $46,000. Jones Financial Companies Lllp lifted its position in shares of Palomar by 63.2% during the 4th 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 period. Finally, NBC Securities Inc. acquired a new stake in shares of Palomar during the 1st quarter valued at approximately $53,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several research reports. Keefe, Bruyette & Woods cut their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research report on Monday, June 30th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Piper Sandler lifted their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Truist Financial lifted their price target on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $174.17.

Insider Activity at Palomar

In other Palomar news, insider Timothy Carter sold 473 shares of the business's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the completion of the transaction, the insider owned 361 shares of the company's stock, valued at $55,467.65. The trade was a 56.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total transaction of $790,700.00. Following the transaction, the chief executive officer directly owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,175 shares of company stock valued at $3,276,251. Insiders own 3.70% of the company's stock.

Palomar Stock Performance

NASDAQ PLMR opened at $141.33 on Thursday. Palomar Holdings, Inc. has a twelve month low of $80.71 and a twelve month high of $175.85. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 28.16 and a beta of 0.46. The firm's 50 day moving average price is $157.82 and its two-hundred day moving average price is $135.50.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business 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 company posted $1.09 EPS. On average, research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Palomar Company 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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