Quantbot Technologies LP Cuts Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Quantbot Technologies LP cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 31.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,318 shares of the company’s stock after selling 6,577 shares during the quarter. Quantbot Technologies LP owned approximately 0.05% of Palomar worth $1,512,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in Palomar during the third quarter worth about $10,994,000. Soros Fund Management LLC purchased a new stake in shares of Palomar during the 3rd quarter worth approximately $9,467,000. Westfield Capital Management Co. LP raised its holdings in shares of Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock worth $37,339,000 after purchasing an additional 77,552 shares during the period. Artemis Investment Management LLP lifted its stake in Palomar by 18.7% in the fourth quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock valued at $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Finally, Trillium Asset Management LLC bought a new position in Palomar during the fourth quarter valued at $4,599,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Up 4.4 %

Shares of PLMR opened at $134.99 on Tuesday. Palomar Holdings, Inc. has a twelve month low of $74.09 and a twelve month high of $136.90. The stock has a market cap of $3.60 billion, a PE ratio of 30.13 and a beta of 0.33. The business’s 50-day moving average price is $118.71 and its 200-day moving average price is $107.05.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. Analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 5,000 shares of the business’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 directly owns 402,388 shares in the company, valued at $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jonathan Knutzen sold 282 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the completion of the sale, the insider now directly owns 20,098 shares in the company, valued at approximately $2,099,437.08. The trade was a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,455 shares of company stock valued at $3,911,340. 4.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PLMR has been the topic of several research reports. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Truist Financial upped their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.83.

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.