Quadrature Capital Ltd Invests $493,000 in Palomar Holdings, Inc. (NASDAQ:PLMR)

Quadrature Capital Ltd bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,900 shares of the company’s stock, valued at approximately $493,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after purchasing an additional 52,659 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Palomar by 174.7% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after acquiring an additional 12,157 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Palomar by 6.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after acquiring an additional 27,199 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Palomar by 375,455.6% in the fourth quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock valued at $1,876,000 after acquiring an additional 33,791 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its holdings in Palomar by 11.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Trading Down 3.9 %

Palomar stock opened at $78.16 on Monday. Palomar Holdings, Inc. has a twelve month low of $48.08 and a twelve month high of $89.22. The stock’s fifty day simple moving average is $82.14 and its 200-day simple moving average is $72.93. The firm has a market capitalization of $1.95 billion, a P/E ratio of 22.46 and a beta of 0.32.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the prior year, the company earned $0.80 earnings per share. The company’s revenue was up 29.1% on a year-over-year basis. Sell-side analysts predict that Palomar Holdings, Inc. will post 4.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PLMR. Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and upped their price objective for the company from $78.00 to $88.00 in a report on Thursday, March 14th. Piper Sandler reiterated an “overweight” rating and issued a $99.00 price objective (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. JPMorgan Chase & Co. lowered Palomar from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $79.00 to $85.00 in a research report on Monday, April 8th. Finally, Truist Financial boosted their target price on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.83.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the transaction, the president now owns 57,761 shares in the company, valued at $4,407,164.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the transaction, the chief executive officer now owns 468,388 shares of the company’s stock, valued at approximately $37,485,091.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,250 shares of company stock valued at $1,563,430. 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.