Palomar Holdings, Inc. (NASDAQ:PLMR) President Sells 819 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 819 shares of the stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $86,699.34. Following the sale, the president now owns 55,126 shares of the company’s stock, valued at approximately $5,835,638.36. This represents a 1.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Jon Christianson also recently made the following trade(s):

• On Monday, November 11th, Jon Christianson sold 2,195 shares of Palomar stock. The shares were sold at an average price of $104.10, for a total transaction of $228,499.50.
• On Tuesday, October 15th, Jon Christianson sold 2,000 shares of Palomar stock. The shares were sold at an average price of $98.45, for a total value of $196,900.00.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $104.81 on Friday. The company’s fifty day moving average is $103.86 and its two-hundred day moving average is $95.96. The firm has a market capitalization of $2.77 billion, a P/E ratio of 24.90 and a beta of 0.36. Palomar Holdings, Inc. has a one year low of $54.81 and a one year high of $112.90.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.20. Palomar had a net margin of 21.55% and a return on equity of 19.65%. The company had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. During the same period in the prior year, the business posted $0.80 earnings per share. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after buying an additional 167,435 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Palomar during the 3rd quarter valued at about $10,994,000. Soros Fund Management LLC acquired a new position in Palomar during the third quarter worth about $9,467,000. Westfield Capital Management Co. LP lifted its holdings in shares of Palomar by 24.5% in the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after purchasing an additional 77,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Palomar by 15.0% in the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock valued at $41,295,000 after purchasing an additional 66,478 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Jefferies Financial Group boosted their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average price target of $111.67.

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.