Emerald Advisers LLC Sells 8,617 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Emerald Advisers LLC reduced its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 441,372 shares of the company’s stock after selling 8,617 shares during the quarter. Palomar accounts for about 1.5% of Emerald Advisers LLC’s investment portfolio, making the stock its 14th largest holding. Emerald Advisers LLC’s holdings in Palomar were worth $35,817,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new position in Palomar in the 1st quarter worth approximately $602,000. Dimensional Fund Advisors LP increased its holdings in shares of Palomar by 14.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after purchasing an additional 52,659 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Palomar by 174.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after purchasing an additional 12,157 shares during the period. Picton Mahoney Asset Management lifted its position in Palomar by 1,940.6% in the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after buying an additional 37,745 shares during the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Palomar by 155.9% in the first quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock worth $1,906,000 after buying an additional 13,873 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLMR shares. Evercore ISI raised their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their target price on Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Truist Financial raised their target price on Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Finally, Piper Sandler boosted their price target 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and an average price target of $101.33.

Palomar Trading Down 1.6 %

PLMR opened at $94.51 on Friday. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $100.29. The stock has a fifty day moving average price of $91.07 and a 200 day moving average price of $84.20. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 27.16 and a beta of 0.34.

Palomar (NASDAQ:PLMR) 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 analysts’ expectations of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company’s revenue for the quarter was up 47.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.72 earnings per share. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 4.37 earnings per share for the current fiscal year.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the sale, the chief executive officer now owns 454,388 shares in the company, valued at $35,674,001.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The shares were sold at an average price of $78.51, for a total transaction of $549,570.00. Following the transaction, the chief executive officer now owns 454,388 shares in the company, valued at $35,674,001.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Jon Christianson sold 2,000 shares of Palomar stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $81.21, for a total value of $162,420.00. Following the completion of the sale, the president now owns 53,761 shares of the company’s stock, valued at $4,365,930.81. The disclosure for this sale can be found here. In the last three months, insiders sold 41,500 shares of company stock worth $3,644,146. 4.30% of the stock is owned by company insiders.

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.