Palomar Holdings, Inc. $PLMR Position Trimmed by AlphaQuest LLC

AlphaQuest LLC reduced its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 49.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,511 shares of the company’s stock after selling 1,472 shares during the quarter. AlphaQuest LLC’s holdings in Palomar were worth $233,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. American Century Companies Inc. raised its stake in Palomar by 5.6% during the first quarter. American Century Companies Inc. now owns 829,124 shares of the company’s stock worth $113,656,000 after acquiring an additional 43,705 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 4.2% during the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company’s stock valued at $84,797,000 after purchasing an additional 25,138 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Palomar by 3.1% during the 1st quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company’s stock worth $76,649,000 after purchasing an additional 17,014 shares during the period. Northern Trust Corp raised its position in shares of Palomar by 4.3% during the 1st quarter. Northern Trust Corp now owns 290,283 shares of the company’s stock worth $39,792,000 after purchasing an additional 12,043 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Palomar by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 241,490 shares of the company’s stock worth $33,103,000 after purchasing an additional 1,314 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 521 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares in the company, valued at $7,091,994.68. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard H. Taketa purchased 500 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the purchase, the director owned 44,226 shares in the company, valued at $5,357,537.64. This represents a 1.14% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 20,302 shares of company stock worth $2,414,141. Company insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $114.01 on Friday. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The stock’s fifty day moving average is $117.28 and its 200-day moving average is $136.61. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 20.04 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The business had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Piper Sandler reduced their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Evercore ISI dropped their price objective on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. JPMorgan Chase & Co. cut their price objective on shares of Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average price target of $156.67.

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.