Two Sigma Investments LP Sells 11,994 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Two Sigma Investments LP decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 46.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,645 shares of the company's stock after selling 11,994 shares during the quarter. Two Sigma Investments LP owned 0.05% of Palomar worth $1,441,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. increased its stake in shares of Palomar by 36.6% in the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after buying an additional 210,523 shares during the period. Norges Bank acquired a new position in shares of Palomar in the fourth quarter valued at approximately $20,637,000. Price T Rowe Associates Inc. MD increased its stake in shares of Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after buying an additional 122,057 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Palomar in the fourth quarter valued at approximately $11,774,000. Finally, Janus Henderson Group PLC increased its stake in shares of Palomar by 211.8% in the fourth 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.

Analyst Ratings Changes

PLMR has been the topic of several analyst reports. Piper Sandler upped their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a report on Friday, May 30th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a report on Thursday, February 13th. Keefe, Bruyette & Woods reduced their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $164.33.

Palomar Trading Down 1.4%

Shares of NASDAQ PLMR traded down $2.37 during midday trading on Friday, hitting $166.00. 387,449 shares of the company's stock were exchanged, compared to its average volume of 204,835. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $175.85. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 37.05 and a beta of 0.51. The business's fifty day moving average price is $153.67 and its two-hundred day moving average price is $128.31.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The company had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. Equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the sale, the chief financial officer now directly owns 9,172 shares of the company's stock, valued at approximately $1,320,768. This represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Friday, March 21st. The stock was 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 in the company, valued at approximately $52,197,771.36. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is currently owned by company 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.