Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC decreased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 27.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,198 shares of the company’s stock after selling 11,800 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.12% of Palomar worth $3,294,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. acquired a new stake in Palomar in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in shares of Palomar by 536.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after purchasing an additional 349 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock worth $52,000 after purchasing an additional 191 shares in the last quarter. Farther Finance Advisors LLC grew its position in 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. Finally, KBC Group NV increased its stake in Palomar by 44.9% during the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock valued at $110,000 after purchasing an additional 324 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Performance

PLMR stock opened at $159.93 on Friday. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $163.78. The firm’s fifty day moving average is $141.00 and its 200 day moving average is $119.27. The firm has a market cap of $4.28 billion, a PE ratio of 35.70 and a beta of 0.51.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The firm had revenue of $174.63 million during the quarter, compared to analyst estimates of $161.97 million. During the same quarter in the previous year, the business earned $1.09 EPS. Research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 552 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $123.26, for a total value of $68,039.52. Following the transaction, the chief financial officer now owns 15,683 shares in the company, valued at approximately $1,933,086.58. This trade represents a 3.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the sale, the chief executive officer now directly owns 70,186 shares in the company, valued at approximately $10,741,265.44. This trade represents a 4.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,254 shares of company stock worth $2,443,484 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PLMR shares. Piper Sandler boosted their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 14th. JPMorgan Chase & Co. raised Palomar from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Truist Financial increased their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 15th. Finally, Keefe, Bruyette & Woods decreased 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. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $148.33.

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.