Y Intercept Hong Kong Ltd Sells 2,511 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Y Intercept Hong Kong Ltd cut its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 50.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,451 shares of the company's stock after selling 2,511 shares during the period. Y Intercept Hong Kong Ltd's holdings in Palomar were worth $259,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of PLMR. Blue Trust Inc. acquired a new position in shares of Palomar in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC grew its stake in Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company's stock worth $43,000 after buying an additional 378 shares in the last quarter. Covestor Ltd grew its stake in Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company's stock worth $102,000 after buying an additional 181 shares in the last quarter. KBC Group NV grew its stake in Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after buying an additional 324 shares in the last quarter. Finally, Avanza Fonder AB acquired a new stake in Palomar during the fourth quarter worth about $143,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 552 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the completion of the sale, the chief financial officer now owns 15,683 shares of the company's stock, valued at $1,933,086.58. This trade represents a 3.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the completion of the sale, the chief executive officer now directly owns 419,388 shares of the company's stock, valued at approximately $43,213,739.52. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,485 shares of company stock worth $4,098,195. 4.30% of the stock is currently owned by insiders.

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Palomar Price Performance

NASDAQ PLMR traded up $2.22 during trading hours on Friday, reaching $127.56. The company's stock had a trading volume of 249,713 shares, compared to its average volume of 160,707. The firm has a fifty day simple moving average of $113.04 and a 200-day simple moving average of $104.39. The stock has a market cap of $3.40 billion, a P/E ratio of 28.47 and a beta of 0.33. Palomar Holdings, Inc. has a 52 week low of $71.54 and a 52 week high of $136.90.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share (EPS) 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, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $136.00 to $152.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. Piper Sandler increased their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. Finally, Truist Financial increased their target price on shares of Palomar from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Palomar has an average rating of "Moderate Buy" and an average target price of $127.33.

About Palomar

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.