Quest Partners LLC Reduces Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Quest Partners LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 87.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 342 shares of the company’s stock after selling 2,401 shares during the period. Quest Partners LLC’s holdings in Palomar were worth $28,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PLMR. International Assets Investment Management LLC acquired a new stake in shares of Palomar in the second quarter valued at $49,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Palomar in the first quarter worth $59,000. Advisors Asset Management Inc. grew its stake in shares of Palomar by 137.1% in the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock worth $62,000 after acquiring an additional 425 shares in the last quarter. Atwood & Palmer Inc. increased its position in shares of Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after acquiring an additional 300 shares during the period. Finally, Covestor Ltd raised its stake in shares of Palomar by 29.0% in the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after acquiring an additional 266 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Activity

In related news, CEO Mac Armstrong sold 12,773 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the completion of the sale, the chief executive officer now owns 59,309 shares in the company, valued at approximately $5,230,460.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Palomar news, President Jon Christianson sold 10,000 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the transaction, the chief executive officer now directly owns 59,309 shares in the company, valued at approximately $5,230,460.71. The disclosure for this sale can be found here. Insiders have sold 41,500 shares of company stock valued at $3,795,836 in the last ninety days. 4.30% of the stock is currently owned by company insiders.

Palomar Stock Down 1.8 %

PLMR stock opened at $95.01 on Friday. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 27.30 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $100.29. The business has a 50 day moving average price of $93.54 and a 200 day moving average price of $85.54.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The business had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same period in the previous year, the business earned $0.72 EPS. The business’s quarterly revenue was up 47.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several analyst reports. Piper Sandler boosted their target price on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Evercore ISI raised their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their price target on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Finally, Truist Financial raised their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

Palomar Company 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.