Palomar Holdings, Inc. $PLMR Shares Sold by PDT Partners LLC

Key Points

• PDT Partners LLC reduced its stake in Palomar Holdings, Inc. by 54.1% in the first quarter, leaving it with 2,671 shares valued at approximately $366,000.
• Several analysts have recently downgraded their price targets for Palomar, with JPMorgan lowering it from $170.00 to $158.00, and a consensus price target now set at $165.83.
• Palomar reported a 47.6% increase in revenue year-over-year, achieving $496.29 million for the quarter, alongside an EPS of $1.76, which exceeded expectations.

PDT Partners LLC cut its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 54.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,671 shares of the company's stock after selling 3,145 shares during the period. PDT Partners LLC's holdings in Palomar were worth $366,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings in Palomar by 5.6% in the first quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock valued at $113,656,000 after buying an additional 43,705 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Palomar by 4.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after purchasing an additional 25,138 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Palomar by 3.1% during the 1st quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock worth $76,649,000 after purchasing an additional 17,014 shares in the last quarter. Artemis Investment Management LLP increased its stake in shares of Palomar by 17.0% during the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Palomar by 4.3% during the 1st quarter. Northern Trust Corp now owns 290,283 shares of the company's stock worth $39,792,000 after purchasing an additional 12,043 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $93,941.66. Following the transaction, the chief financial officer owned 7,668 shares in the company, valued at $921,156.84. This trade represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard H. Taketa purchased 500 shares of the firm's stock in a transaction on Monday, August 18th. The stock was bought at an average price of $121.14 per share, for a total transaction of $60,570.00. Following the acquisition, the director owned 44,226 shares in the company, valued at $5,357,537.64. The trade was a 1.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 22,878 shares of company stock worth $3,202,297 over the last 90 days. Company insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. dropped their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Keefe, Bruyette & Woods dropped their price objective 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. Finally, Piper Sandler dropped their price objective 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. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $165.83.

Palomar Trading Down 0.4%

Shares of PLMR traded down $0.52 during mid-day trading on Wednesday, reaching $120.51. The company had a trading volume of 54,061 shares, compared to its average volume of 290,477. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 21.18 and a beta of 0.34. The firm has a fifty day simple moving average of $129.78 and a 200-day simple moving average of $141.33. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The company had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Palomar's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter last year, the business earned $1.25 EPS. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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.