Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC trimmed its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 34.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 9,655 shares of the company's stock after selling 5,137 shares during the period. Squarepoint Ops LLC's holdings in Palomar were worth $1,019,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in PLMR. Farther Finance Advisors LLC raised its position in Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock valued at $1,352,000 after buying an additional 100 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Palomar by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock valued at $1,588,000 after buying an additional 100 shares during the period. Avantax Advisory Services Inc. raised its holdings in shares of Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock valued at $616,000 after buying an additional 145 shares during the period. Finally, Covestor Ltd lifted its stake in Palomar by 13.8% during the 4th quarter. Covestor Ltd now owns 1,224 shares of the company's stock worth $129,000 after acquiring an additional 148 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLMR has been the subject of several research reports. Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a research report on Friday. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial upped their target price on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $164.33.

Palomar Price Performance

Shares of PLMR stock traded down $1.27 during trading hours on Tuesday, reaching $174.40. 155,734 shares of the stock were exchanged, compared to its average volume of 202,523. The business's fifty day moving average is $151.03 and its two-hundred day moving average is $126.85. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $176.31. The firm has a market capitalization of $4.66 billion, a P/E ratio of 38.93 and a beta of 0.51.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million during 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 quarter in the previous year, the firm earned $1.09 earnings per share. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the sale, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the chief financial officer now owns 9,172 shares of the company's stock, valued at $1,320,768. This represents a 9.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,202 shares of company stock worth $3,265,129. Corporate insiders own 3.70% of the company's stock.

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.