Lazard Asset Management LLC Sells 4,129 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Lazard Asset Management LLC cut its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 51.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,961 shares of the company's stock after selling 4,129 shares during the period. Lazard Asset Management LLC's holdings in Palomar were worth $416,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. bought a new position in shares of Palomar in the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% during 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. Jones Financial Companies Lllp raised its stake in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after buying an additional 191 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after buying an additional 99 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after acquiring an additional 324 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Trading Down 1.4%

Shares of NASDAQ:PLMR traded down $2.36 during mid-day trading on Wednesday, reaching $161.55. The stock had a trading volume of 15,420 shares, compared to its average volume of 200,054. The business's 50 day moving average price is $148.23 and its 200 day moving average price is $124.84. Palomar Holdings, Inc. has a 1 year low of $77.28 and a 1 year high of $165.00. The company has a market cap of $4.32 billion, a P/E ratio of 36.08 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last issued 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. The business had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same period in the prior year, the firm earned $1.09 EPS. Analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Jefferies Financial Group raised their price target on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Truist Financial upped their price objective on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Piper Sandler increased their target price on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $148.33.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now owns 9,172 shares in the company, valued at $1,320,768. This trade represents a 9.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,202 shares of company stock valued at $3,265,129 in the last ninety days. Insiders own 3.70% of the company's stock.

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.