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

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

Palomar Trading Down 0.8 %

PLMR stock traded down $0.75 during midday trading on Monday, hitting $90.97. The company's stock had a trading volume of 156,211 shares, compared to its average volume of 162,674. The firm's 50-day moving average is $96.13 and its 200-day moving average is $88.45. Palomar has a 12 month low of $49.08 and a 12 month high of $103.40. The company has a market cap of $2.28 billion, a PE ratio of 24.19 and a beta of 0.33.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company's quarterly revenue was up 47.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. Analysts expect that Palomar will post 4.35 earnings per share for the current year.

Insider Activity

In related news, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total transaction of $668,430.00. Following the transaction, the chief executive officer now owns 440,388 shares in the company, valued at $42,052,650.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO T Christopher Uchida sold 1,750 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $94.00, for a total transaction of $164,500.00. Following the transaction, the chief financial officer now owns 22,344 shares in the company, valued at $2,100,336. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares in the company, valued at approximately $42,052,650.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,520 shares of company stock valued at $3,626,486. Insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC purchased a new stake in Palomar during the first quarter valued at $602,000. Picton Mahoney Asset Management raised its position in Palomar by 1,940.6% in 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 during the period. Quadrature Capital Ltd boosted its stake in shares of Palomar by 155.9% during the 1st 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 during the last quarter. Driehaus Capital Management LLC grew its position in shares of Palomar by 17.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 300,213 shares of the company's stock valued at $24,362,000 after acquiring an additional 43,841 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Palomar by 1,634.6% in the 2nd quarter. Victory Capital Management Inc. now owns 177,678 shares of the company's stock worth $14,419,000 after purchasing an additional 167,435 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

PLMR has been the topic of several recent research reports. Evercore ISI upped their price target on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 6th. Piper Sandler lifted their price target on shares of Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, July 11th. Truist Financial lifted their target price on shares of Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group upped their price target on Palomar from $110.00 to $113.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Palomar presently has a consensus rating of "Moderate Buy" and an average target price of $105.50.

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.