Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Down 15.0% in October

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 454,900 shares, a decline of 15.0% from the September 30th total of 535,000 shares. Approximately 1.8% of the company’s stock are sold short. Based on an average daily volume of 174,300 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity

In related news, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction on Friday, August 9th. The stock was bought at an average price of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the acquisition, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $89.42 per share, for a total transaction of $89,420.00. Following the completion of the acquisition, the director now owns 4,724 shares of the company’s stock, valued at $422,420.08. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,750 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $94.00, for a total transaction of $164,500.00. Following the sale, the chief financial officer now directly owns 22,344 shares of the company’s stock, valued at approximately $2,100,336. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,520 shares of company stock worth $3,626,486. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PLMR. Whittier Trust Co. of Nevada Inc. acquired a new stake in Palomar during the 3rd quarter worth about $25,000. GAMMA Investing LLC grew its holdings in Palomar by 48.6% during 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 raised its position in Palomar by 490.9% during the third quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock valued at $43,000 after acquiring an additional 378 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Palomar in the second quarter valued at approximately $49,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Palomar in the first quarter valued at approximately $59,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PLMR shares. Truist Financial upped their price target on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods increased their price target on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Jefferies Financial Group raised their price target on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Finally, Piper Sandler lifted their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $105.50.

Palomar Trading Up 2.6 %

Shares of PLMR stock traded up $2.33 during mid-day trading on Tuesday, reaching $93.30. The stock had a trading volume of 108,522 shares, compared to its average volume of 162,414. Palomar has a 1-year low of $49.08 and a 1-year high of $103.40. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 26.81 and a beta of 0.33. The business’s fifty day moving average is $96.06 and its 200-day moving average is $88.56.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the prior year, the company earned $0.72 EPS. Palomar’s quarterly revenue was up 47.0% on a year-over-year basis. On average, analysts forecast that Palomar will post 4.35 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.