Marshall Wace LLP Has $8.42 Million Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Marshall Wace LLP cut its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 42.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,757 shares of the company’s stock after selling 75,696 shares during the quarter. Marshall Wace LLP owned 0.42% of Palomar worth $8,420,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Palomar during the 2nd quarter worth approximately $49,000. DekaBank Deutsche Girozentrale acquired a new stake in Palomar during the first quarter worth $59,000. Advisors Asset Management Inc. increased its holdings in Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after buying an additional 425 shares during the period. Atwood & Palmer Inc. raised its stake in shares of Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 12,773 shares of the company’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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $91.30, for a total value of $91,300.00. Following the transaction, the chief financial officer now owns 24,094 shares in the company, valued at $2,199,782.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 12,773 shares of the business’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 sale, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at $5,230,460.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,500 shares of company stock worth $4,464,266. 4.30% of the stock is currently owned by corporate insiders.

Palomar Price Performance

PLMR stock opened at $94.82 on Monday. The business has a fifty day moving average price of $94.12 and a 200 day moving average price of $86.38. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $100.29. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 27.25 and a beta of 0.34.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on PLMR shares. JPMorgan Chase & Co. upped their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Evercore ISI increased their target price 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 Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods upped their price target on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Finally, Truist Financial lifted their price objective on 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 assigned a buy rating to the stock. According to MarketBeat, the stock presently 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.