Point72 Asset Management L.P. Acquires 27,066 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Point72 Asset Management L.P. boosted its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 23.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 143,191 shares of the company's stock after acquiring an additional 27,066 shares during the period. Point72 Asset Management L.P. owned approximately 0.54% of Palomar worth $15,119,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock worth $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Norges Bank bought a new position in Palomar in the fourth quarter worth $20,637,000. Price T Rowe Associates Inc. MD boosted its stake in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock worth $45,622,000 after buying an additional 122,057 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in Palomar during the fourth quarter worth $11,774,000. Finally, Janus Henderson Group PLC increased its holdings in Palomar by 211.8% in the 4th quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock valued at $14,830,000 after buying an additional 95,359 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Price Performance

Shares of PLMR traded up $3.06 on Friday, hitting $163.88. The company's stock had a trading volume of 49,841 shares, compared to its average volume of 256,577. The company has a market capitalization of $4.38 billion, a PE ratio of 36.58 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 $165.00. The company has a 50 day moving average price of $146.26 and a 200 day moving average price of $123.24.

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, beating the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same quarter in the previous year, the company posted $1.09 EPS. On average, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the sale, the chief executive officer now directly owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the company's 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 in the company, valued at $1,265,378.40. This trade represents a 5.94% 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 over the last ninety days. 3.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLMR. Truist Financial lifted their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. raised 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 report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Finally, Jefferies Financial Group increased their price objective on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $148.33.

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.