State of Alaska Department of Revenue Has $1.26 Million Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

State of Alaska Department of Revenue reduced its stake in Palomar Holdings, Inc. (NASDAQ:PLMRFree Report) by 1.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 15,066 shares of the company’s stock after selling 149 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Palomar worth $1,262,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PLMR. Allspring Global Investments Holdings LLC acquired a new stake in shares of Palomar in the first quarter worth $4,417,000. Diversified Trust Co boosted its holdings in Palomar by 35.7% during the first quarter. Diversified Trust Co now owns 11,400 shares of the company’s stock valued at $956,000 after acquiring an additional 3,000 shares during the period. Artemis Investment Management LLP bought a new position in shares of Palomar in the first quarter worth about $20,904,000. Atwood & Palmer Inc. lifted its position in shares of Palomar by 66.7% during the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock worth $63,000 after purchasing an additional 300 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Palomar during the 4th quarter valued at approximately $493,000. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Down 3.0 %

Shares of PLMR opened at $80.39 on Wednesday. Palomar Holdings, Inc. has a 12 month low of $48.08 and a 12 month high of $89.22. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 23.10 and a beta of 0.31. The company has a 50-day moving average price of $82.64 and a two-hundred day moving average price of $74.58.

Palomar (NASDAQ:PLMRGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The business had revenue of $108.39 million for the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the previous year, the firm earned $0.80 EPS. Palomar’s quarterly revenue was up 29.1% on a year-over-year basis. Equities research analysts expect that Palomar Holdings, Inc. will post 4.2 EPS for the current fiscal year.

Insider Activity

In related news, President Jon Christianson sold 2,000 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the completion of the sale, the president now owns 57,761 shares in the company, valued at approximately $4,407,164.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palomar news, President Jon Christianson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $76.30, for a total transaction of $152,600.00. Following the sale, the president now directly owns 57,761 shares of the company’s stock, valued at $4,407,164.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total value of $76,300.00. Following the completion of the transaction, the chief financial officer now directly owns 25,344 shares in the company, valued at $1,933,747.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,250 shares of company stock worth $2,355,740. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several research reports. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Evercore ISI boosted their price objective on shares of Palomar from $88.00 to $89.00 and gave the stock an “in-line” rating in a report on Wednesday, May 29th. Truist Financial increased their target price on shares of Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Piper Sandler restated an “overweight” rating and set a $99.00 price target (up from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. Finally, JPMorgan Chase & Co. downgraded Palomar from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.83.

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About Palomar

(Free Report)

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.

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Institutional Ownership by Quarter for Palomar (NASDAQ:PLMR)

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