Short Interest in Palomar Holdings, Inc. (NASDAQ:PLMR) Decreases By 15.0%

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 454,900 shares, a decline of 15.0% from the September 30th total of 535,000 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average trading volume of 174,300 shares, the days-to-cover ratio is presently 2.6 days.

Insider Buying and Selling

In related news, Director Thomas A. Bradley bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $89.42 per share, with a total value of $89,420.00. Following the completion of the transaction, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now owns 433,388 shares in the company, valued at $41,726,596.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas A. Bradley purchased 1,000 shares of Palomar stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the transaction, the director now owns 4,724 shares in the company, valued at $422,420.08. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 37,520 shares of company stock valued at $3,626,486. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

Institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC purchased a new position in Palomar in the first quarter valued at approximately $602,000. Picton Mahoney Asset Management lifted its position in shares of Palomar by 1,940.6% during the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after acquiring an additional 37,745 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of Palomar by 155.9% during the first quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock worth $1,906,000 after acquiring an additional 13,873 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Palomar by 17.1% during the second quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company’s stock worth $24,362,000 after acquiring an additional 43,841 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after acquiring an additional 167,435 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PLMR. JPMorgan Chase & Co. increased their target price on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Truist Financial increased their price objective on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler raised their price target on Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group increased their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI increased their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.50.

Palomar Price Performance

Shares of NASDAQ PLMR traded down $0.38 during midday trading on Wednesday, reaching $92.92. The company’s stock had a trading volume of 76,507 shares, compared to its average volume of 162,005. Palomar has a 12-month low of $49.73 and a 12-month high of $103.40. The firm has a 50 day moving average price of $96.05 and a 200-day moving average price of $88.70. The stock has a market capitalization of $2.32 billion, a P/E ratio of 26.81 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the previous year, the business earned $0.72 EPS. The company’s revenue was up 47.0% compared to the same quarter last year. On average, equities analysts predict that Palomar will post 4.35 EPS for the current 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.