Palomar Holdings, Inc. (NASDAQ:PLMR) Position Cut by Redwood Investments LLC

Redwood Investments LLC cut its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 73.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,704 shares of the company's stock after selling 167,825 shares during the period. Redwood Investments LLC owned approximately 0.25% of Palomar worth $3,425,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PLMR. Alliancebernstein L.P. boosted its stake in shares of Palomar by 2,612.5% during the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company's stock worth $66,923,000 after purchasing an additional 769,899 shares during the period. Point72 Asset Management L.P. purchased a new stake in Palomar in the 4th quarter valued at about $16,058,000. Atlas Capital Advisors LLC boosted its position in Palomar by 614.2% in the 4th quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company's stock valued at $16,541,000 after buying an additional 315,000 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Palomar by 52.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 748,928 shares of the company's stock valued at $41,342,000 after buying an additional 256,378 shares during the period. Finally, Millennium Management LLC purchased a new stake in Palomar in the 4th quarter valued at about $9,260,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research reports. Jefferies Financial Group raised shares of Palomar from a "hold" rating to a "buy" rating and boosted their price objective for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. TheStreet raised shares of Palomar from a "c+" rating to a "b-" rating in a research report on Tuesday, December 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $73.00 to $87.00 and gave the company an "outperform" rating in a research report on Wednesday, February 21st. Piper Sandler boosted their price objective on shares of Palomar from $80.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Evercore ISI boosted their price target on shares of Palomar from $66.00 to $68.00 and gave the company an "in-line" rating in a report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

Palomar Price Performance

Shares of NASDAQ:PLMR traded down $1.64 during trading hours on Monday, hitting $82.19. The company's stock had a trading volume of 94,323 shares, compared to its average volume of 162,562. Palomar Holdings, Inc. has a 52 week low of $46.09 and a 52 week high of $86.25. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 26.34 and a beta of 0.21. The firm's fifty day moving average price is $71.85 and its 200 day moving average price is $61.62.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.85 by $0.09. Palomar had a net margin of 21.07% and a return on equity of 19.35%. The business had revenue of $102.35 million during the quarter, compared to analyst estimates of $95.07 million. On average, equities research analysts predict that Palomar Holdings, Inc. will post 3.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 2,000 shares of the business's stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $60.00, for a total transaction of $120,000.00. Following the sale, the president now owns 70,019 shares of the company's stock, valued at approximately $4,201,140. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $60.30, for a total value of $60,300.00. Following the sale, the chief financial officer now directly owns 29,686 shares of the company's stock, valued at approximately $1,790,065.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Jon Christianson sold 2,000 shares of the company's stock in a transaction on Friday, January 12th. The shares were sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the sale, the president now directly owns 70,019 shares in the company, valued at $4,201,140. The disclosure for this sale can be found here. Insiders sold a total of 39,509 shares of company stock worth $2,950,557 in the last 90 days. 4.40% of the stock is owned by corporate insiders.

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.