Bank of America Corp DE Reduces Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bank of America Corp DE trimmed its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,210 shares of the company’s stock after selling 20,202 shares during the period. Bank of America Corp DE owned 0.45% of Palomar worth $12,587,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Palomar by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company’s stock worth $271,886,000 after purchasing an additional 53,123 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Palomar by 36.6% in the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company’s stock worth $82,932,000 after purchasing an additional 210,523 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Palomar by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company’s stock worth $65,358,000 after purchasing an additional 18,748 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company’s stock valued at $59,313,000 after purchasing an additional 17,320 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Palomar by 39.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company’s stock valued at $45,622,000 after purchasing an additional 122,057 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total value of $809,800.00. Following the transaction, the chief executive officer now owns 392,388 shares of the company’s stock, valued at approximately $63,551,160.48. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the business’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the sale, the chief financial officer now owns 10,172 shares in the company, valued at $1,413,908. This represents a 8.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,202 shares of company stock valued at $3,265,129. 3.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. raised shares of Palomar from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Truist Financial lifted their price target on shares of Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 15th. Finally, Jefferies Financial Group lifted their price target on shares of Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $148.33.

Palomar Stock Performance

PLMR stock opened at $160.82 on Friday. Palomar Holdings, Inc. has a one year low of $77.28 and a one year high of $165.00. The company’s fifty day moving average price is $146.26 and its 200-day moving average price is $123.24. The company has a market capitalization of $4.30 billion, a PE ratio of 35.90 and a beta of 0.51.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.23% and a return on equity of 19.76%. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal 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.