Palomar Holdings, Inc. (NASDAQ:PLMR) Insider Jonathan Knutzen Sells 282 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 282 shares of Palomar 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 transaction, the insider now directly owns 20,098 shares in the company, valued at approximately $2,099,437.08. The trade was a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Palomar Price Performance

NASDAQ:PLMR traded down $0.29 during mid-day trading on Tuesday, reaching $106.74. The stock had a trading volume of 106,533 shares, compared to its average volume of 131,602. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 25.35 and a beta of 0.38. Palomar Holdings, Inc. has a 1-year low of $57.55 and a 1-year high of $112.90. The stock’s 50 day simple moving average is $106.89 and its two-hundred day simple moving average is $99.63.

Palomar (NASDAQ:PLMR) last posted 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 analysts’ expectations of $134.72 million. During the same quarter in the prior year, the company earned $0.80 earnings per share. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake in Palomar by 3.0% during the third quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after buying an additional 32,151 shares during the last quarter. Geode Capital Management LLC increased its stake in Palomar by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after buying an additional 18,335 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company’s stock worth $48,052,000 after purchasing an additional 71,806 shares during the last quarter. Emerald Advisers LLC grew its stake in Palomar by 1.9% in the 3rd quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock valued at $42,599,000 after buying an additional 8,601 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its holdings in Palomar by 24.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after purchasing an additional 77,552 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PLMR shares. Keefe, Bruyette & Woods boosted their target price on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler raised their price objective on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.50.

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.