Palomar Holdings, Inc. (NASDAQ:PLMR) Stake Cut by Russell Investments Group Ltd.

Russell Investments Group Ltd. decreased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 25.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,686 shares of the company's stock after selling 5,143 shares during the quarter. Russell Investments Group Ltd. owned 0.06% of Palomar worth $1,551,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Dakota Wealth Management raised its stake in Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company's stock worth $324,000 after purchasing an additional 92 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after buying an additional 99 shares during the period. State of Alaska Department of Revenue boosted its position in Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock worth $1,588,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Palomar by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock valued at $1,352,000 after buying an additional 100 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in shares of Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock worth $616,000 after buying an additional 145 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Price Performance

Shares of PLMR stock traded down $0.68 during mid-day trading on Thursday, hitting $151.33. The company had a trading volume of 25,611 shares, compared to its average volume of 234,148. Palomar Holdings, Inc. has a 52-week low of $77.17 and a 52-week high of $155.87. The stock's 50 day moving average price is $134.22 and its 200-day moving average price is $114.46. The company has a market capitalization of $4.05 billion, a P/E ratio of 33.78 and a beta of 0.46.

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

Insider Buying and Selling

In related news, insider Jonathan Knutzen sold 282 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total value of $29,457.72. Following the completion of the sale, the insider now owns 20,098 shares in the company, valued at $2,099,437.08. This trade represents a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,388 shares of the company's stock, valued at approximately $57,784,189.08. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,615 shares of company stock worth $3,633,369 in the last 90 days. Insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods cut their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Jefferies Financial Group lifted their price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $148.33.

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.