Yousif Capital Management LLC Decreases Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Yousif Capital Management LLC trimmed its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,856 shares of the company’s stock after selling 149 shares during the quarter. Yousif Capital Management LLC’s holdings in Palomar were worth $1,351,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Blue Trust Inc. purchased a new position in Palomar during the fourth quarter worth about $26,000. Rhumbline Advisers raised its position in shares of Palomar by 1.8% during the 4th quarter. Rhumbline Advisers now owns 69,049 shares of the company’s stock valued at $7,291,000 after buying an additional 1,221 shares during the period. Principal Financial Group Inc. raised its position in shares of Palomar by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after buying an additional 7,875 shares during the period. Peregrine Capital Management LLC raised its position in shares of Palomar by 1.8% during the 4th quarter. Peregrine Capital Management LLC now owns 91,650 shares of the company’s stock valued at $9,677,000 after buying an additional 1,645 shares during the period. Finally, New York State Common Retirement Fund raised its position in Palomar by 7.1% in the fourth quarter. New York State Common Retirement Fund now owns 15,177 shares of the company’s stock valued at $1,603,000 after purchasing an additional 1,000 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the transaction, the chief financial officer now owns 10,172 shares in the company, valued at approximately $1,413,908. This represents a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was 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 approximately $52,197,771.36. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Piper Sandler boosted their price objective on Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a report on Friday, May 30th. Evercore ISI boosted their price objective on Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a report on Friday, May 30th. Finally, Truist Financial boosted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $164.33.

Palomar Stock Down 1.8%

Shares of NASDAQ:PLMR opened at $159.40 on Wednesday. The company has a market capitalization of $4.26 billion, a P/E ratio of 31.82 and a beta of 0.50. The stock’s fifty day simple moving average is $157.02 and its 200-day simple moving average is $130.95. Palomar Holdings, Inc. has a 52-week low of $77.28 and a 52-week high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same quarter in the prior year, the company posted $1.09 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.