Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC decreased its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 23.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,767 shares of the company’s stock after selling 1,158 shares during the quarter. ProShare Advisors LLC’s holdings in Palomar were worth $306,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PLMR. Arizona State Retirement System lifted its holdings in Palomar by 2.4% in the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after acquiring an additional 164 shares during the last quarter. CWM LLC lifted its stake in Palomar by 15.7% during the second quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after purchasing an additional 217 shares during the last quarter. Covestor Ltd boosted its holdings in Palomar by 29.0% during the first quarter. Covestor Ltd now owns 1,183 shares of the company’s stock worth $99,000 after buying an additional 266 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in Palomar by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 27,407 shares of the company’s stock worth $2,298,000 after buying an additional 270 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Palomar by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 21,644 shares of the company’s stock valued at $1,814,000 after buying an additional 280 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

NASDAQ PLMR opened at $97.28 on Friday. The company has a 50 day simple moving average of $94.55 and a 200-day simple moving average of $86.75. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $100.29. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 27.95 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue was up 47.0% compared to the same quarter last year. On average, analysts predict that Palomar Holdings, Inc. will post 4.37 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 12,773 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $94.40, for a total value of $944,000.00. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at $4,901,814.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mac Armstrong sold 12,773 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares in the company, valued at $5,230,460.71. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,500 shares of company stock valued at $4,464,266. Insiders own 4.30% of the company’s stock.

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.