Arrowstreet Capital Limited Partnership Sells 21,873 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 36.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,603 shares of the company’s stock after selling 21,873 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.15% of Palomar worth $4,076,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. acquired a new position in shares of Palomar during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of 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 acquiring an additional 349 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after buying an additional 99 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Activity at Palomar

In other news, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the transaction, the insider now owns 20,098 shares in the company, valued at approximately $2,099,437.08. This represents a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,030 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $109.65, for a total value of $112,939.50. Following the completion of the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at $1,782,689.70. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,097 shares of company stock worth $3,271,422 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several recent research reports. Piper Sandler lifted their price objective on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Truist Financial upped their price objective on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and increased their target price for the company from $115.00 to $150.00 in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $152.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $136.17.

Palomar Trading Up 0.8 %

Shares of NASDAQ:PLMR opened at $131.06 on Wednesday. The company has a 50-day moving average price of $125.49 and a 200-day moving average price of $110.38. The company has a market cap of $3.50 billion, a price-to-earnings ratio of 29.25 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $74.09 and a 12 month high of $143.77.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, topping the consensus estimate 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, research analysts forecast 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.