State of Alaska Department of Revenue Sells 342 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

State of Alaska Department of Revenue lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,700 shares of the company’s stock after selling 342 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.05% of Palomar worth $2,015,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. bought a new position in Palomar during the 4th quarter worth approximately $26,000. Rhumbline Advisers raised its holdings in Palomar by 1.8% during the 4th quarter. Rhumbline Advisers now owns 69,049 shares of the company’s stock worth $7,291,000 after purchasing an additional 1,221 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Palomar by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock worth $15,579,000 after purchasing an additional 7,875 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Palomar by 7.1% during the 4th quarter. New York State Common Retirement Fund now owns 15,177 shares of the company’s stock worth $1,603,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after purchasing an additional 349 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on PLMR shares. Jefferies Financial Group raised their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an “in-line” rating in a research report on Friday, May 30th. Finally, Piper Sandler raised their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $164.33.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer now directly owns 9,172 shares of the company’s stock, valued at $1,320,768. The trade was a 9.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the transaction, the chief executive officer now directly owns 70,186 shares in the company, valued at $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,702 shares of company stock valued at $2,695,874. 3.70% of the stock is owned by company insiders.

Palomar Trading Up 2.8%

NASDAQ PLMR opened at $160.06 on Tuesday. The company has a fifty day simple moving average of $157.85 and a 200 day simple moving average of $132.42. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $175.85. The company has a market cap of $4.28 billion, a P/E ratio of 31.95 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.26. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. During the same quarter last year, the firm posted $1.09 EPS. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS 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.