Kornitzer Capital Management Inc. KS Cuts Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Kornitzer Capital Management Inc. KS reduced its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 21.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,673 shares of the company's stock after selling 44,230 shares during the period. Kornitzer Capital Management Inc. KS owned 0.65% of Palomar worth $13,120,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC bought a new position in shares of Palomar in the 2nd quarter worth about $49,000. DekaBank Deutsche Girozentrale purchased a new stake in Palomar in the first quarter worth about $59,000. Advisors Asset Management Inc. increased its stake in shares of Palomar by 137.1% during the first quarter. Advisors Asset Management Inc. now owns 735 shares of the company's stock valued at $62,000 after purchasing an additional 425 shares in the last quarter. Atwood & Palmer Inc. lifted its holdings in shares of Palomar by 66.7% during the first quarter. Atwood & Palmer Inc. now owns 750 shares of the company's stock valued at $63,000 after purchasing an additional 300 shares during the last quarter. Finally, Covestor Ltd boosted its position in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company's stock worth $99,000 after purchasing an additional 266 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares of the company's stock, valued at approximately $2,038,806. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, President Jon Christianson sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the completion of the sale, the president now directly owns 51,761 shares in the company, valued at $4,728,367.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now owns 20,594 shares in the company, valued at $2,038,806. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,500 shares of company stock valued at $3,644,146. Company insiders own 4.30% of the company's stock.

Palomar Price Performance

NASDAQ PLMR traded down $1.80 during trading hours on Thursday, hitting $96.08. The company's stock had a trading volume of 121,230 shares, compared to its average volume of 165,081. Palomar Holdings, Inc. has a 12 month low of $48.08 and a 12 month high of $100.29. The company's 50 day simple moving average is $90.51 and its two-hundred day simple moving average is $83.91. The company has a market cap of $2.39 billion, a P/E ratio of 27.64 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business's revenue for the quarter was up 47.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 earnings per share. As a group, research analysts predict that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on PLMR. Keefe, Bruyette & Woods raised their price objective on Palomar from $96.00 to $113.00 and gave the company an "outperform" rating in a research report on Tuesday, August 13th. Truist Financial raised their price target on Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Evercore ISI upped their price target on shares of 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 raised their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $101.33.

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.