Sheets Smith Investment Management Sells 4,494 Shares of Palomar Holdings, Inc. $PLMR

Sheets Smith Investment Management lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 29.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,567 shares of the company’s stock after selling 4,494 shares during the quarter. Sheets Smith Investment Management’s holdings in Palomar were worth $1,234,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC raised its stake in Palomar by 252.8% in the 1st quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock valued at $1,538,000 after acquiring an additional 8,038 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Palomar by 95.6% in the first quarter. Russell Investments Group Ltd. now owns 28,723 shares of the company’s stock valued at $3,937,000 after purchasing an additional 14,037 shares during the last quarter. Northern Trust Corp raised its position in shares of Palomar by 4.3% in the first quarter. Northern Trust Corp now owns 290,283 shares of the company’s stock valued at $39,792,000 after purchasing an additional 12,043 shares during the period. Martingale Asset Management L P lifted its stake in shares of Palomar by 61.5% during the 1st quarter. Martingale Asset Management L P now owns 15,514 shares of the company’s stock worth $2,127,000 after buying an additional 5,905 shares during the last quarter. Finally, Axiom Investors LLC DE acquired a new stake in shares of Palomar during the 1st quarter worth about $3,251,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Trading Up 3.4%

NASDAQ PLMR opened at $133.87 on Friday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 20.88 and a beta of 0.50. The company has a 50 day moving average of $120.92 and a 200-day moving average of $129.24. Palomar Holdings, Inc. has a 1-year low of $98.42 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Friday, December 16th. The company reported $0.07 EPS for the quarter. The firm had revenue of $65.74 million for the quarter. Palomar had a return on equity of 21.93% and a net margin of 22.59%. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total value of $36,204.04. Following the transaction, the insider directly owned 21,565 shares of the company’s stock, valued at $2,778,434.60. This trade represents a 1.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Jon Christianson sold 522 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $67,254.48. Following the sale, the president directly owned 59,631 shares of the company’s stock, valued at approximately $7,682,858.04. This trade represents a 0.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,803 shares of company stock worth $2,348,771 in the last ninety days. 3.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on PLMR. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Keefe, Bruyette & Woods upped their target price on Palomar from $164.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, November 11th. JPMorgan Chase & Co. lifted their price target on Palomar from $137.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Evercore ISI reduced their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.67.

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.