Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 437,412 shares of the company’s stock after selling 23,133 shares during the period. Westfield Capital Management Co. LP owned approximately 1.76% of Palomar worth $36,668,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Palomar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after acquiring an additional 85,329 shares during the period. Stephens Investment Management Group LLC grew its position in shares of Palomar by 11.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after acquiring an additional 109,261 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Palomar by 1.0% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 954,290 shares of the company’s stock valued at $52,963,000 after acquiring an additional 9,462 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after acquiring an additional 52,659 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in shares of Palomar during the 1st quarter valued at about $20,904,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PLMR. JPMorgan Chase & Co. lifted their price objective on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Truist Financial lifted their price objective on Palomar from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Wednesday, May 29th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Monday, April 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $99.00 price objective (up from $90.00) on shares of Palomar in a report on Wednesday, May 29th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.83.

Insider Activity at Palomar

In other news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $91.35, for a total transaction of $182,700.00. Following the completion of the sale, the president now owns 51,761 shares in the company, valued at $4,728,367.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $78.51, for a total transaction of $549,570.00. Following the completion of the transaction, the chief executive officer now directly owns 454,388 shares of the company’s stock, valued at $35,674,001.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total transaction of $182,700.00. Following the transaction, the president now directly owns 51,761 shares of the company’s stock, valued at $4,728,367.35. The disclosure for this sale can be found here. Insiders have sold 54,250 shares of company stock valued at $4,640,926 over the last quarter. 4.30% of the stock is owned by insiders.

Palomar Stock Performance

Shares of Palomar stock traded down $1.55 during trading hours on Friday, reaching $88.79. 108,967 shares of the company were exchanged, compared to its average volume of 151,713. Palomar Holdings, Inc. has a 1 year low of $48.08 and a 1 year high of $93.51. The stock’s fifty day moving average is $83.53 and its 200 day moving average is $76.38. The firm has a market cap of $2.21 billion, a PE ratio of 25.51 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The company’s revenue was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. Research analysts expect that Palomar Holdings, Inc. will post 4.2 earnings per share for the current year.

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.