Los Angeles Capital Management LLC Lowers Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Los Angeles Capital Management LLC cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,564 shares of the company’s stock after selling 3,965 shares during the period. Los Angeles Capital Management LLC owned about 0.10% of Palomar worth $1,308,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Handelsbanken Fonder AB lifted its holdings in Palomar by 72.9% during the 4th quarter. Handelsbanken Fonder AB now owns 7,280 shares of the company’s stock worth $404,000 after buying an additional 3,070 shares in the last quarter. Signaturefd LLC increased its position in shares of Palomar by 59.4% during the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after acquiring an additional 221 shares during the period. Hunter Associates Investment Management LLC raised its stake in shares of Palomar by 21.8% in the fourth quarter. Hunter Associates Investment Management LLC now owns 14,209 shares of the company’s stock valued at $787,000 after acquiring an additional 2,542 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Palomar by 1.9% in the fourth quarter. Federated Hermes Inc. now owns 199,679 shares of the company’s stock valued at $11,082,000 after purchasing an additional 3,737 shares during the period. Finally, Everence Capital Management Inc. purchased a new stake in shares of Palomar in the 4th quarter valued at approximately $214,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Down 0.4 %

Shares of PLMR stock opened at $84.76 on Thursday. Palomar Holdings, Inc. has a fifty-two week low of $46.09 and a fifty-two week high of $86.25. The business has a fifty day simple moving average of $79.43 and a 200-day simple moving average of $66.89. The stock has a market cap of $2.11 billion, a P/E ratio of 24.36 and a beta of 0.24.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. During the same quarter in the previous year, the business posted $0.80 earnings per share. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 3.84 earnings per share for the current year.

Insider Transactions at Palomar

In other news, Director Thomas A. Bradley purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were bought at an average cost of $84.32 per share, with a total value of $84,320.00. Following the purchase, the director now directly owns 2,500 shares of the company’s stock, valued at $210,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palomar news, President Jon Christianson sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $82.09, for a total value of $820,900.00. Following the sale, the president now directly owns 59,761 shares of the company’s stock, valued at approximately $4,905,780.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas A. Bradley purchased 1,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was acquired at an average price of $84.32 per share, with a total value of $84,320.00. Following the acquisition, the director now directly owns 2,500 shares in the company, valued at $210,800. The disclosure for this purchase can be found here. Insiders sold a total of 42,250 shares of company stock valued at $3,305,655 over the last three months. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on PLMR shares. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Keefe, Bruyette & Woods boosted their target price on Palomar from $88.00 to $89.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and upped their target price for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Evercore ISI boosted their price target on Palomar from $68.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Finally, Piper Sandler increased their price objective on Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

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.