Palomar Holdings, Inc. $PLMR Shares Sold by Renaissance Group LLC

Renaissance Group LLC cut its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,900 shares of the company’s stock after selling 1,928 shares during the period. Renaissance Group LLC owned approximately 0.25% of Palomar worth $10,319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allworth Financial LP raised its holdings in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after buying an additional 197 shares during the period. Maseco LLP purchased a new position in shares of Palomar in the second quarter worth approximately $45,000. TCTC Holdings LLC lifted its position in shares of Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after acquiring an additional 205 shares in the last quarter. IFP Advisors Inc boosted its stake in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after purchasing an additional 284 shares during the period. Finally, NewEdge Advisors LLC purchased a new position in Palomar during the 1st quarter worth approximately $66,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Price Performance

PLMR opened at $129.62 on Wednesday. The company has a market capitalization of $3.44 billion, a PE ratio of 22.78 and a beta of 0.25. Palomar Holdings, Inc. has a fifty-two week low of $98.42 and a fifty-two week high of $175.85. The business has a 50-day moving average of $117.80 and a 200-day moving average of $134.55.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The firm had revenue of $65.74 million for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, equities research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PLMR shares. Keefe, Bruyette & Woods increased their target price on Palomar from $164.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. increased their price objective on Palomar from $137.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research note on Saturday. 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 research report on Wednesday, August 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $157.67.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00. Following the transaction, the chief executive officer directly owned 372,388 shares of the company’s stock, valued at $43,204,455.76. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 18,218 shares of company stock worth $2,163,060 over the last 90 days. Corporate insiders own 3.70% of the company’s stock.

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.