Insider Selling: Palomar Holdings, Inc. (NASDAQ:PLMR) Insider Sells 282 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 282 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the transaction, the insider now directly owns 20,098 shares of the company’s stock, valued at approximately $2,099,437.08. This trade represents a 1.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Palomar Trading Down 0.3 %

PLMR stock opened at $106.74 on Wednesday. The firm’s 50-day moving average is $106.89 and its two-hundred day moving average is $99.63. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 25.35 and a beta of 0.38. Palomar Holdings, Inc. has a 52 week low of $57.55 and a 52 week high of $112.90.

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

Institutional Trading of Palomar

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. AQR Capital Management LLC grew its holdings in Palomar by 17.7% during the second quarter. AQR Capital Management LLC now owns 44,691 shares of the company’s stock worth $3,627,000 after acquiring an additional 6,735 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Palomar by 0.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,123 shares of the company’s stock valued at $4,879,000 after purchasing an additional 426 shares in the last quarter. Truist Financial Corp acquired a new position in shares of Palomar in the 2nd quarter worth approximately $461,000. GAMMA Investing LLC raised its holdings in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Finally, Artemis Investment Management LLP raised its holdings in shares of Palomar by 12.9% in the 3rd quarter. Artemis Investment Management LLP now owns 383,276 shares of the company’s stock worth $36,285,000 after purchasing an additional 43,812 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

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

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.