Oak Ridge Investments LLC Sells 2,185 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Oak Ridge Investments LLC reduced its stake in Palomar Holdings, Inc. by 4.0%, selling 2,185 shares, and now holds 52,375 shares valued at approximately $8.08 million.
• Palomar's stock experienced a price target reduction by multiple analysts, with Piper Sandler lowering it from $177.00 to $151.00 while maintaining an "overweight" rating.
• Insider transactions revealed that CEO Mac Armstrong sold 5,000 shares at an average price of $116.02, reducing his ownership stake by 1.32%.

Oak Ridge Investments LLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 4.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,375 shares of the company's stock after selling 2,185 shares during the period. Oak Ridge Investments LLC owned 0.20% of Palomar worth $8,079,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PLMR. Nuveen LLC bought a new stake in shares of Palomar during the first quarter worth approximately $26,084,000. Alliancebernstein L.P. raised its stake in shares of Palomar by 322.4% during the first quarter. Alliancebernstein L.P. now owns 127,383 shares of the company's stock worth $17,462,000 after buying an additional 97,226 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Palomar by 714.5% during the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after buying an additional 93,352 shares during the last quarter. Artemis Investment Management LLP raised its stake in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after buying an additional 77,472 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in shares of Palomar by 2,825.6% during the first quarter. Cerity Partners LLC now owns 70,449 shares of the company's stock worth $9,657,000 after buying an additional 68,041 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $118.07 on Friday. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The company has a 50 day moving average price of $119.53 and a two-hundred day moving average price of $139.29. The company has a market capitalization of $3.16 billion, a PE ratio of 20.75 and a beta of 0.30.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PLMR. Piper Sandler dropped their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Weiss Ratings restated a "hold (c+)" rating on shares of Palomar in a report on Wednesday. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI lowered their target price on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and an average price target of $156.67.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $116.02, for a total value of $580,100.00. Following the completion of the transaction, the chief executive officer owned 372,388 shares in the company, valued at $43,204,455.76. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jon Christianson sold 521 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the transaction, the president owned 59,036 shares of the company's stock, valued at $7,091,994.68. This trade represents a 0.87% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,905 shares of company stock valued at $2,839,676. 3.70% of the stock is owned by corporate insiders.

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.

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