Calamos Advisors LLC Cuts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Calamos Advisors LLC trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,740 shares of the company’s stock after selling 459 shares during the quarter. Calamos Advisors LLC’s holdings in Palomar were worth $923,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PLMR. Whittier Trust Co. of Nevada Inc. purchased a new stake in Palomar in the 3rd quarter worth $25,000. GAMMA Investing LLC increased its holdings in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after acquiring an additional 125 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Palomar by 490.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after acquiring an additional 378 shares in the last quarter. Covestor Ltd increased its holdings in Palomar by 20.2% in the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after acquiring an additional 181 shares in the last quarter. Finally, KBC Group NV increased its holdings in Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after acquiring an additional 324 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,111 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $104.00, for a total transaction of $115,544.00. Following the transaction, the chief financial officer now owns 16,432 shares of the company’s stock, valued at approximately $1,708,928. The trade was a 6.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jonathan Knutzen sold 282 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $104.46, for a total transaction of $29,457.72. Following the completion of the transaction, the insider now directly owns 20,098 shares in the company, valued at $2,099,437.08. The trade was a 1.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,239 shares of company stock valued at $4,374,199. 4.30% of the stock is currently owned by insiders.

Palomar Stock Up 2.5 %

Shares of PLMR opened at $109.37 on Thursday. The firm’s fifty day moving average is $106.85 and its two-hundred day moving average is $99.76. The stock has a market cap of $2.90 billion, a PE ratio of 25.98 and a beta of 0.38. Palomar Holdings, Inc. has a 52-week low of $57.63 and a 52-week high of $112.90.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the previous year, the company posted $0.80 EPS. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 4.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

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