Balyasny Asset Management L.P. Increases Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Balyasny Asset Management L.P. increased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 199.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 134,397 shares of the company’s stock after purchasing an additional 89,538 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.51% of Palomar worth $14,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dakota Wealth Management increased its holdings in Palomar by 3.1% during the fourth quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after buying an additional 92 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after purchasing an additional 99 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Palomar by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock worth $1,588,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its stake in Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after purchasing an additional 100 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in Palomar by 2.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock valued at $616,000 after purchasing an additional 145 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PLMR shares. Piper Sandler raised their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Jefferies Financial Group increased their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Finally, JMP Securities reiterated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $148.33.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the transaction, the chief executive officer now owns 397,388 shares of the company’s stock, valued at approximately $57,784,189.08. The trade was a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred 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 transaction, 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 quarter, insiders sold 17,254 shares of company stock valued at $2,443,484. Corporate insiders own 3.70% of the company’s stock.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $160.10 on Friday. The company has a market capitalization of $4.28 billion, a PE ratio of 35.74 and a beta of 0.51. The business has a fifty day moving average price of $140.34 and a 200-day moving average price of $118.65. Palomar Holdings, Inc. has a 1-year low of $77.28 and a 1-year high of $163.78.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.23% and a return on equity of 19.76%. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the prior year, the firm posted $1.09 earnings per share. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Palomar 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.