AQR Capital Management LLC Cuts Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

AQR Capital Management LLC cut its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 22.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,459 shares of the company's stock after selling 11,718 shares during the period. AQR Capital Management LLC owned approximately 0.15% of Palomar worth $4,166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Dakota Wealth Management grew its position in shares of Palomar by 3.1% during the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company's stock worth $324,000 after purchasing an additional 92 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after acquiring an additional 99 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Palomar by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock valued at $1,588,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Palomar by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock valued at $1,352,000 after acquiring an additional 100 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after buying an additional 145 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

Shares of PLMR stock traded up $0.12 during mid-day trading on Thursday, hitting $156.24. The company had a trading volume of 51,456 shares, compared to its average volume of 197,155. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $165.00. The stock's 50 day moving average price is $142.70 and its 200-day moving average price is $120.38. The company has a market capitalization of $4.18 billion, a P/E ratio of 34.87 and a beta of 0.51.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Jefferies Financial Group boosted their price target on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, 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 report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $148.33.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 552 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the completion of the transaction, the chief financial officer now directly owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at $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. Insiders have sold a total of 17,254 shares of company stock worth $2,443,484 in the last three months. Corporate insiders own 3.70% of the company's stock.

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.