Point72 Asset Management L.P. Has $15.12 Million Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Point72 Asset Management L.P. raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 23.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,191 shares of the company’s stock after acquiring an additional 27,066 shares during the quarter. Point72 Asset Management L.P. owned about 0.54% of Palomar worth $15,119,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PLMR. Blue Trust Inc. acquired a new stake in shares of Palomar in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its position in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after buying an additional 349 shares in the last quarter. Jones Financial Companies Lllp grew its position in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after acquiring an additional 191 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Palomar by 21.8% in the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after buying an additional 99 shares during the period. Finally, KBC Group NV raised its stake in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after acquiring an additional 324 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Insider Activity

In other news, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the sale, the chief executive officer now directly owns 70,186 shares in the company, valued at approximately $10,741,265.44. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total transaction of $76,520.00. Following the completion of the sale, the chief financial officer now owns 7,672 shares in the company, valued at approximately $1,174,122.88. This trade represents a 6.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,254 shares of company stock valued at $2,443,484. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Jefferies Financial Group upped their price target on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Piper Sandler increased their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $148.33.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $159.22 on Friday. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $165.00. The firm has a fifty day moving average price of $143.88 and a two-hundred day moving average price of $121.49. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 35.54 and a beta of 0.51.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter in the prior year, the firm earned $1.09 EPS. Equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

About Palomar

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.