Oak Ridge Investments LLC Sells 205 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Oak Ridge Investments LLC lessened its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 0.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,560 shares of the company’s stock after selling 205 shares during the period. Oak Ridge Investments LLC’s holdings in Palomar were worth $7,479,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its holdings in shares of Palomar by 95.6% during the 1st quarter. Russell Investments Group Ltd. now owns 28,723 shares of the company’s stock worth $3,937,000 after buying an additional 14,037 shares during the period. Informed Momentum Co LLC bought a new stake in shares of Palomar during the 1st quarter worth about $4,894,000. HighTower Advisors LLC boosted its holdings in shares of Palomar by 252.8% during the 1st quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock worth $1,538,000 after buying an additional 8,038 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of Palomar by 27.6% during the 1st quarter. Public Sector Pension Investment Board now owns 84,169 shares of the company’s stock worth $11,538,000 after buying an additional 18,230 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Palomar during the 1st quarter worth about $26,084,000. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 0.0%

Shares of NASDAQ:PLMR opened at $123.07 on Thursday. The company’s 50 day moving average price is $143.10 and its two-hundred day moving average price is $139.95. Palomar Holdings, Inc. has a 12-month low of $85.00 and a 12-month high of $175.85. The firm has a market cap of $3.30 billion, a PE ratio of 21.63 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the prior year, the business posted $1.25 EPS. The business’s revenue was up 47.6% compared to the same quarter last year. On average, research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PLMR shares. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating for the company in a report on Monday. Piper Sandler reduced their target price 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. Finally, Evercore ISI boosted their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $165.83.

Insider Activity

In related news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $140.10, for a total transaction of $700,500.00. Following the sale, the chief executive officer owned 382,388 shares in the company, valued at approximately $53,572,558.80. This trade represents a 1.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Timothy Carter sold 473 shares of the stock in a transaction that occurred on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider owned 361 shares in the company, valued at $55,467.65. This represents a 56.71% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,294 shares of company stock worth $3,208,102. Insiders own 3.70% of the company’s stock.

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.