Renaissance Group LLC Sells 1,928 Shares of Palomar Holdings, Inc. $PLMR

Renaissance Group LLC decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,900 shares of the company’s stock after selling 1,928 shares during the period. Renaissance Group LLC’s holdings in Palomar were worth $10,319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PLMR. Allworth Financial LP increased its stake in shares of Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after purchasing an additional 197 shares during the period. Maseco LLP acquired a new stake in Palomar in the 2nd quarter valued at approximately $45,000. TCTC Holdings LLC grew its holdings in Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after buying an additional 205 shares during the last quarter. IFP Advisors Inc increased its position in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after buying an additional 284 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of Palomar during the first quarter worth approximately $66,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $115.31, for a total transaction of $576,550.00. Following the completion of the transaction, the chief executive officer directly owned 367,388 shares in the company, valued at $42,363,510.28. This represents a 1.34% 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. Insiders sold 18,218 shares of company stock valued at $2,163,060 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Palomar Stock Performance

NASDAQ:PLMR opened at $129.62 on Wednesday. The company has a 50-day moving average of $117.80 and a 200-day moving average of $134.55. Palomar Holdings, Inc. has a 52 week low of $98.42 and a 52 week high of $175.85. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 22.78 and a beta of 0.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Finally, Evercore ISI decreased their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $157.67.

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.