Millennium Management LLC Cuts Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Millennium Management LLC lessened its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 67.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,336 shares of the company's stock after selling 45,024 shares during the quarter. Millennium Management LLC owned approximately 0.08% of Palomar worth $2,253,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PLMR. Blue Trust Inc. purchased a new position in Palomar during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 in the last quarter. Jones Financial Companies Lllp grew its position in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after purchasing an additional 99 shares in the last quarter. Finally, KBC Group NV increased 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 worth $110,000 after purchasing an additional 324 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In other news, CEO Mac Armstrong sold 3,202 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the transaction, the chief executive officer now directly owns 70,186 shares in the company, valued at $10,741,265.44. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total value of $76,520.00. Following the completion of the transaction, the chief financial officer now directly owns 7,672 shares in the company, valued at $1,174,122.88. This represents a 6.12% decrease in their ownership of the stock. 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. Company insiders own 3.70% of the company's stock.

Palomar Trading Down 0.3%

Shares of NASDAQ PLMR traded down $0.57 on Tuesday, reaching $175.10. 264,405 shares of the company traded hands, compared to its average volume of 202,939. The stock has a market capitalization of $4.68 billion, a PE ratio of 39.08 and a beta of 0.51. Palomar Holdings, Inc. has a fifty-two week low of $77.28 and a fifty-two week high of $176.31. The company has a 50 day moving average of $151.03 and a 200 day moving average of $126.85.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter in the prior year, the business posted $1.09 earnings per share. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Piper Sandler increased their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday. Jefferies Financial Group boosted their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Evercore ISI raised their target price on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Truist Financial boosted 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average target price of $164.33.

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.