Jupiter Asset Management Ltd. Trims Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Jupiter Asset Management Ltd. cut its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 94,838 shares of the company’s stock after selling 3,897 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Palomar were worth $10,014,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. State Street Corp boosted its holdings in shares of Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the last quarter. Geode Capital Management LLC lifted its position in Palomar by 3.2% during the third quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock worth $56,822,000 after buying an additional 18,335 shares during the period. JPMorgan Chase & Co. boosted its stake in Palomar by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock worth $12,133,000 after buying an additional 11,140 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Palomar by 58.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after buying an additional 12,147 shares during the period. Finally, HighTower Advisors LLC acquired a new position in shares of Palomar during the 3rd quarter valued at about $1,711,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PLMR shares. Truist Financial lifted their price target on shares of Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods lifted their target price on Palomar from $136.00 to $152.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Piper Sandler boosted their price target on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Finally, JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $127.33.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total value of $721,280.00. Following the transaction, the chief executive officer now directly owns 419,388 shares of the company’s stock, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 552 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the completion of the transaction, the chief financial officer now directly owns 15,683 shares in the company, valued at approximately $1,933,086.58. The trade was a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,485 shares of company stock worth $4,098,195 in the last quarter. 4.30% of the stock is owned by company insiders.

Palomar Stock Performance

PLMR stock opened at $130.44 on Thursday. The stock’s fifty day moving average is $114.48 and its two-hundred day moving average is $105.14. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 29.12 and a beta of 0.33. Palomar Holdings, Inc. has a 1 year low of $74.09 and a 1 year high of $136.90.

Palomar (NASDAQ:PLMR) last issued its quarterly 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%. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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.