Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Update

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 628,000 shares, a growth of 29.4% from the March 31st total of 485,200 shares. Approximately 2.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 261,500 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler increased 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. Truist Financial boosted their price target on Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $148.33.

Palomar Trading Up 5.4 %

NASDAQ:PLMR opened at $151.81 on Friday. The company has a 50 day simple moving average of $137.79 and a two-hundred day simple moving average of $117.13. The company has a market cap of $4.06 billion, a PE ratio of 33.89 and a beta of 0.51. Palomar has a 12 month low of $77.28 and a 12 month high of $155.87.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Research analysts forecast that Palomar will post 5.99 earnings per share for the current year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,202 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares of the company’s stock, valued at approximately $10,741,265.44. The trade was a 4.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction on Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the sale, the chief financial officer now directly owns 10,172 shares of the company’s stock, valued at $1,413,908. This represents a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,254 shares of company stock valued at $2,443,484 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock valued at $271,886,000 after acquiring an additional 53,123 shares during the period. American Century Companies Inc. lifted its position in Palomar by 36.6% during the fourth quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock valued at $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Geode Capital Management LLC grew its holdings in Palomar by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock valued at $65,358,000 after purchasing an additional 18,748 shares during the period. Dimensional Fund Advisors LP increased its position in Palomar by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock worth $59,313,000 after buying an additional 17,320 shares in the last quarter. Finally, Artemis Investment Management LLP raised its stake in shares of Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock worth $73,003,000 after buying an additional 77,472 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.