116,125 Shares in Palomar Holdings, Inc. (NASDAQ:PLMR) Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 116,125 shares of the company's stock, valued at approximately $10,994,000. Point72 Asset Management L.P. owned 0.44% of Palomar as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. New Vernon Investment Management LLC purchased a new stake in shares of Palomar in the third quarter worth approximately $835,000. Janus Henderson Group PLC lifted its position in Palomar by 91.7% in the 3rd quarter. Janus Henderson Group PLC now owns 45,025 shares of the company's stock worth $4,260,000 after buying an additional 21,537 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of Palomar during the 3rd quarter valued at $1,711,000. Centiva Capital LP purchased a new position in shares of Palomar during the 3rd quarter valued at $352,000. Finally, PDT Partners LLC increased its stake in shares of Palomar by 84.9% in the third quarter. PDT Partners LLC now owns 5,816 shares of the company's stock worth $551,000 after acquiring an additional 2,671 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,030 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now owns 17,543 shares in the company, valued at approximately $1,713,073.95. This trade represents a 5.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The stock was 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 $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,326 shares of company stock valued at $2,688,779 in the last three months. Company insiders own 4.30% of the company's stock.

Palomar Price Performance

NASDAQ:PLMR traded up $2.03 during midday trading on Friday, reaching $110.45. The stock had a trading volume of 165,504 shares, compared to its average volume of 153,516. The stock has a market capitalization of $2.92 billion, a P/E ratio of 26.24 and a beta of 0.36. Palomar Holdings, Inc. has a 1-year low of $54.50 and a 1-year high of $112.10. The firm's fifty day simple moving average is $99.78 and its 200-day simple moving average is $92.95.

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

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.