Arrowstreet Capital Limited Partnership Decreases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Arrowstreet Capital Limited Partnership reduced its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 36.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,603 shares of the company's stock after selling 21,873 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.15% of Palomar worth $4,076,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Horizon Investment Services LLC grew its holdings in shares of Palomar by 139.6% in the 4th quarter. Horizon Investment Services LLC now owns 8,028 shares of the company's stock valued at $848,000 after acquiring an additional 4,678 shares in the last quarter. Orion Portfolio Solutions LLC bought a new position in Palomar in the fourth quarter valued at approximately $246,000. Pictet Asset Management Holding SA increased its position in shares of Palomar by 46.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,968 shares of the company's stock worth $419,000 after purchasing an additional 1,256 shares during the last quarter. Norges Bank acquired a new position in shares of Palomar during the 4th quarter worth approximately $20,637,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Palomar by 37.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company's stock worth $18,643,000 after purchasing an additional 48,396 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Performance

Shares of PLMR stock traded up $1.89 on Monday, hitting $149.77. The company's stock had a trading volume of 25,603 shares, compared to its average volume of 181,498. Palomar Holdings, Inc. has a fifty-two week low of $74.77 and a fifty-two week high of $152.50. The company has a market capitalization of $4.00 billion, a PE ratio of 33.43 and a beta of 0.46. The stock's 50 day moving average is $128.46 and its 200-day moving average is $111.73.

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Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Wall Street Analyst Weigh In

PLMR has been the topic of a number of recent analyst reports. Piper Sandler boosted their price target on Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods decreased their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Jefferies Financial Group raised their price target on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday. JPMorgan Chase & Co. raised shares of 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 research report on Tuesday, April 8th. Finally, JMP Securities restated 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 assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.67.

Insiders Place Their Bets

In related news, President Jon Christianson sold 371 shares of the company's stock in a transaction dated Sunday, January 26th. The shares were sold at an average price of $101.69, for a total value of $37,726.99. Following the sale, the president now owns 55,771 shares in the company, valued at $5,671,352.99. This represents a 0.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the sale, the chief financial officer now directly owns 9,172 shares of the company's stock, valued at approximately $1,320,768. This trade represents a 9.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,097 shares of company stock valued at $3,415,422 in the last ninety days. 4.30% of the stock is currently owned by insiders.

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.