Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,673 shares of the company's stock after selling 22,435 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.41% of Palomar worth $14,897,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. SBI Securities Co. Ltd. raised its stake in shares of Palomar by 761.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 620 shares of the company's stock worth $85,000 after buying an additional 548 shares during the period. Hohimer Wealth Management LLC raised its stake in Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares during the last quarter. Florida Financial Advisors LLC acquired a new position in Palomar in the 1st quarter valued at $285,000. Left Brain Wealth Management LLC acquired a new position in Palomar in the 1st quarter valued at $274,000. Finally, CWM LLC raised its stake in Palomar by 20.2% in the 1st quarter. CWM LLC now owns 1,522 shares of the company's stock valued at $209,000 after purchasing an additional 256 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the 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 completion of the transaction, the chief executive officer directly owned 387,388 shares in the company, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their position. The transaction 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 the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $159.77, for a total value of $79,885.00. Following the transaction, the chief financial officer directly owned 7,920 shares in the company, valued at approximately $1,265,378.40. The trade was a 5.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,973 shares of company stock worth $2,635,976. 3.70% of the stock is currently owned by company insiders.

Palomar Trading Up 0.5%

NASDAQ:PLMR traded up $0.71 during trading hours on Tuesday, hitting $141.88. The company had a trading volume of 382,830 shares, compared to its average volume of 222,117. The company has a 50-day moving average of $157.08 and a 200 day moving average of $136.65. The company has a market cap of $3.79 billion, a P/E ratio of 26.69 and a beta of 0.46. Palomar Holdings, Inc. has a 1 year low of $82.55 and a 1 year high of $175.85.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. 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. Keefe, Bruyette & Woods reduced their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday, June 30th. 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. Finally, 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. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.