Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Update

Palomar Holdings, Inc. (NASDAQ:PLMR) saw a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 333,300 shares, a drop of 26.7% from the October 15th total of 454,900 shares. Based on an average daily volume of 164,600 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler raised their price objective on Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. raised their price target on Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Evercore ISI upped their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Finally, Jefferies Financial Group raised their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $109.00.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,750 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now owns 20,594 shares in the company, valued at approximately $2,038,806. The trade was a 7.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the sale, the chief executive officer now directly owns 440,388 shares in the company, valued at approximately $42,052,650.12. This represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,076 shares of company stock valued at $3,806,029. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in Palomar in the third quarter valued at approximately $25,000. GAMMA Investing LLC grew its holdings in shares of Palomar by 48.6% in the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares during the period. International Assets Investment Management LLC bought a new stake in Palomar during the second quarter valued at about $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Palomar in the 1st quarter worth $59,000. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of Palomar stock traded up $3.33 on Thursday, reaching $104.33. 140,698 shares of the company traded hands, compared to its average volume of 163,172. The company has a 50 day moving average of $95.42 and a 200 day moving average of $89.86. Palomar has a 52 week low of $54.50 and a 52 week high of $107.00. The firm has a market capitalization of $2.76 billion, a PE ratio of 24.52 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $134.72 million. During the same period in the previous year, the company posted $0.80 EPS. As a group, analysts anticipate that Palomar will post 4.32 earnings per share for the current year.

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.