Voloridge Investment Management LLC Trims Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Voloridge Investment Management LLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 60.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,794 shares of the company's stock after selling 18,337 shares during the quarter. Voloridge Investment Management LLC's holdings in Palomar were worth $1,245,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PLMR. Barclays PLC grew its stake in shares of Palomar by 112.6% in the 3rd quarter. Barclays PLC now owns 71,803 shares of the company's stock worth $6,798,000 after acquiring an additional 38,027 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Palomar by 2.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company's stock valued at $836,000 after buying an additional 200 shares during the period. KBC Group NV grew its position in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock valued at $110,000 after buying an additional 324 shares during the period. Moody Aldrich Partners LLC grew its position in Palomar by 130.4% during the fourth quarter. Moody Aldrich Partners LLC now owns 62,322 shares of the company's stock valued at $6,581,000 after buying an additional 35,270 shares during the period. Finally, Hunter Associates Investment Management LLC grew its position in Palomar by 6.8% during the fourth quarter. Hunter Associates Investment Management LLC now owns 17,689 shares of the company's stock valued at $1,872,000 after buying an additional 1,120 shares during the period. 90.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. Jefferies Financial Group increased their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Evercore ISI increased 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. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Piper Sandler increased their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $164.33.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $159.77, for a total value of $79,885.00. Following the transaction, the chief financial officer now directly owns 7,920 shares of the company's stock, valued at $1,265,378.40. The trade was a 5.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 5,000 shares of Palomar 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 completion of the transaction, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is currently owned by corporate insiders.

Palomar Trading Up 4.6%

Shares of PLMR stock traded up $7.60 during trading hours on Friday, reaching $171.53. The stock had a trading volume of 520,448 shares, compared to its average volume of 202,114. The stock's fifty day simple moving average is $149.48 and its 200 day simple moving average is $125.53. Palomar Holdings, Inc. has a 12 month low of $77.28 and a 12 month high of $172.60. The firm has a market capitalization of $4.59 billion, a PE ratio of 38.29 and a beta of 0.51.

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

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.