Palomar Holdings, Inc. (NASDAQ:PLMR) Position Cut by Jane Street Group LLC

Jane Street Group LLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 20.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,207 shares of the company's stock after selling 6,801 shares during the quarter. Jane Street Group LLC owned 0.10% of Palomar worth $2,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PLMR. GAMMA Investing LLC boosted its holdings in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock valued at $36,000 after acquiring an additional 125 shares during the last quarter. Arizona State Retirement System lifted its stake in Palomar by 2.4% in the 2nd quarter. Arizona State Retirement System now owns 6,961 shares of the company's stock valued at $565,000 after buying an additional 164 shares in the last quarter. Covestor Ltd raised its position in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company's stock valued at $102,000 after buying an additional 181 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Palomar by 1.6% during the third quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company's stock worth $1,202,000 after buying an additional 200 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Palomar in the 3rd quarter valued at approximately $25,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Down 1.8 %

Shares of PLMR traded down $1.93 on Monday, reaching $103.00. The stock had a trading volume of 13,414 shares, compared to its average volume of 163,454. The firm has a 50-day moving average of $102.14 and a 200 day moving average of $94.67. The firm has a market capitalization of $2.73 billion, a PE ratio of 24.47 and a beta of 0.36. Palomar Holdings, Inc. has a twelve month low of $54.50 and a twelve month high of $112.90.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.20. Palomar had a return on equity of 19.65% and a net margin of 21.55%. The firm had revenue of $148.50 million during the quarter, compared to analysts' expectations of $134.72 million. During the same quarter last year, the business posted $0.80 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on Palomar from $120.00 to $136.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Piper Sandler lifted their target price on shares of Palomar from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Jefferies Financial Group raised their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Palomar from $93.00 to $100.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $111.67.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total transaction of $673,960.00. Following the sale, the chief executive officer now directly owns 433,388 shares of the company's stock, valued at approximately $41,726,596.64. This represents a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares of the company's stock, valued at $1,713,073.95. This trade represents a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,356 shares of company stock worth $2,134,525 in the last 90 days. 4.30% of the stock is owned by company insiders.

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.