Two Sigma Investments LP Reduces Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Two Sigma Investments LP decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 46.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,645 shares of the company’s stock after selling 11,994 shares during the quarter. Two Sigma Investments LP owned about 0.05% of Palomar worth $1,441,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Palomar by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock worth $15,579,000 after buying an additional 7,875 shares in the last quarter. Atlas Capital Advisors Inc. grew its holdings in shares of Palomar by 175.5% during the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock worth $14,918,000 after buying an additional 90,000 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after buying an additional 145 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Palomar by 146.1% during the fourth quarter. Jump Financial LLC now owns 6,885 shares of the company’s stock worth $727,000 after buying an additional 4,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Palomar by 28.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 40,688 shares of the company’s stock worth $4,296,000 after buying an additional 9,036 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Trading Down 0.3%

Palomar stock opened at $175.10 on Wednesday. The stock has a market cap of $4.68 billion, a P/E ratio of 39.08 and a beta of 0.51. The company has a 50-day moving average price of $151.80 and a 200 day moving average price of $127.18. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $175.85.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter last year, the firm posted $1.09 earnings per share. As a group, analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Ratings Changes

PLMR has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Truist Financial raised their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 15th. Jefferies Financial Group raised their price objective on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Finally, Piper Sandler raised their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $164.33.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the completion of the transaction, the chief executive officer now owns 402,388 shares of the company’s stock, valued at $52,197,771.36. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now directly owns 9,172 shares of the company’s stock, valued at approximately $1,320,768. This trade represents a 9.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,202 shares of company stock valued at $3,265,129 over the last 90 days. 3.70% of the stock is owned by company insiders.

Palomar 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.