Jane Street Group LLC Decreases Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Jane Street Group LLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 20.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 26,207 shares of the company’s stock after selling 6,801 shares during the period. Jane Street Group LLC’s holdings in Palomar were worth $2,481,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Palomar in the 3rd quarter worth approximately $25,000. GAMMA Investing LLC increased its stake in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the period. Farther Finance Advisors LLC raised its holdings in Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after buying an additional 378 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Palomar during the 2nd quarter valued at $49,000. Finally, Covestor Ltd grew its holdings in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PLMR has been the subject of several recent analyst reports. Piper Sandler upped their price objective on shares of 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. upped their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.67.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,185 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $98.21, for a total value of $312,798.85. Following the sale, the chief executive officer now owns 50,312 shares in the company, valued at approximately $4,941,141.52. This represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total transaction of $100,579.50. Following the transaction, the chief financial officer now owns 17,543 shares of the company’s stock, valued at $1,713,073.95. The trade was a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,356 shares of company stock valued at $2,134,525. 4.30% of the stock is currently owned by company insiders.

Palomar Price Performance

Shares of PLMR opened at $104.93 on Monday. The company has a 50-day simple moving average of $102.14 and a two-hundred day simple moving average of $94.67. The firm has a market capitalization of $2.78 billion, a PE ratio of 24.92 and a beta of 0.36. Palomar Holdings, Inc. has a one year low of $54.50 and a one year high of $112.90.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $134.72 million. During the same quarter last year, the business posted $0.80 EPS. Analysts expect that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

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.