Palomar Holdings, Inc. (NASDAQ:PLMR) Stake Cut by Oak Ridge Investments LLC

Oak Ridge Investments LLC decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,765 shares of the company’s stock after selling 1,445 shares during the period. Oak Ridge Investments LLC owned about 0.21% of Palomar worth $5,783,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar in the 3rd quarter worth approximately $25,000. GAMMA Investing LLC lifted its stake in Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $36,000 after buying an additional 125 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. Covestor Ltd grew its position in shares of Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Palomar in the 4th quarter worth about $143,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Jefferies Financial Group boosted their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted their price target on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. lifted their price target on Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.50.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $110.37 on Friday. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 26.22 and a beta of 0.38. The business has a 50 day simple moving average of $106.51 and a 200 day simple moving average of $97.84. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $134.72 million. During the same period last year, the business earned $0.80 EPS. On average, analysts predict that Palomar Holdings, Inc. will post 4.33 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now owns 433,388 shares of the company’s stock, valued at approximately $41,726,596.64. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $104.00, for a total transaction of $115,544.00. Following the completion of the sale, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at approximately $1,708,928. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,694 shares of company stock worth $2,632,377 in the last quarter. 4.30% 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.