Peregrine Capital Management LLC Decreases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Peregrine Capital Management LLC cut its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 14.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 138,256 shares of the company's stock after selling 23,738 shares during the period. Peregrine Capital Management LLC owned about 0.56% of Palomar worth $7,673,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PLMR. Los Angeles Capital Management LLC lifted its stake in Palomar by 0.9% in the third quarter. Los Angeles Capital Management LLC now owns 27,529 shares of the company's stock worth $1,397,000 after acquiring an additional 256 shares during the period. Westfield Capital Management Co. LP lifted its stake in Palomar by 26.0% in the third quarter. Westfield Capital Management Co. LP now owns 433,346 shares of the company's stock worth $21,992,000 after acquiring an additional 89,410 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Palomar by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company's stock valued at $9,940,000 after buying an additional 6,903 shares during the last quarter. Barclays PLC lifted its position in shares of Palomar by 11.2% during the third quarter. Barclays PLC now owns 15,059 shares of the company's stock valued at $764,000 after buying an additional 1,514 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Palomar during the third quarter valued at about $538,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Down 0.4 %

Shares of NASDAQ PLMR traded down $0.28 during midday trading on Wednesday, reaching $76.94. 95,651 shares of the stock were exchanged, compared to its average volume of 158,892. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 24.59 and a beta of 0.21. Palomar Holdings, Inc. has a twelve month low of $46.09 and a twelve month high of $86.25. The firm has a 50-day simple moving average of $74.20 and a two-hundred day simple moving average of $62.79.

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

Analyst Upgrades and Downgrades

Several analysts have commented on PLMR shares. JPMorgan Chase & Co. lowered shares of Palomar from an "overweight" rating to a "neutral" rating and increased their price target for the company from $79.00 to $85.00 in a research report on Monday. Truist Financial increased their price target on shares of Palomar from $72.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, February 16th. Jefferies Financial Group raised shares of Palomar from a "hold" rating to a "buy" rating and increased their price target for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Piper Sandler increased their price target on shares of Palomar from $80.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an "outperform" rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.50.

Insider Activity at Palomar

In related news, Director Thomas A. Bradley purchased 1,500 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average price of $74.30 per share, with a total value of $111,450.00. Following the purchase, the director now owns 1,500 shares of the company's stock, valued at $111,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Thomas A. Bradley purchased 1,500 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average price of $74.30 per share, with a total value of $111,450.00. Following the purchase, the director now owns 1,500 shares of the company's stock, valued at $111,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the sale, the chief executive officer now directly owns 475,388 shares in the company, valued at approximately $39,276,556.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,509 shares of company stock valued at $2,950,557. 4.40% of the stock is owned by company insiders.

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.