Strs Ohio Invests $1.12 Million in Palomar Holdings, Inc. $PLMR

Strs Ohio acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,200 shares of the company’s stock, valued at approximately $1,124,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after purchasing an additional 202 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Palomar in the first quarter valued at about $46,000. TCTC Holdings LLC grew its stake in Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after purchasing an additional 205 shares during the last quarter. NBC Securities Inc. purchased a new position in Palomar in the first quarter valued at about $53,000. Finally, USA Financial Formulas purchased a new position in Palomar in the first quarter valued at about $55,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Up 2.4%

Shares of NASDAQ PLMR opened at $117.77 on Friday. The business’s 50 day moving average price is $126.00 and its 200 day moving average price is $140.84. The firm has a market cap of $3.15 billion, a P/E ratio of 20.70 and a beta of 0.34. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, August 4th. The company reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.08. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Palomar’s revenue for the quarter was up 47.6% on a year-over-year basis. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLMR. Evercore ISI lifted their target price on Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a research note on Friday, May 30th. Keefe, Bruyette & Woods dropped their price target on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. dropped their price target on Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Piper Sandler dropped their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Finally, Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $165.83.

Insider Buying and Selling

In other Palomar news, Director Richard H. Taketa bought 500 shares of Palomar stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of $121.14 per share, with a total value of $60,570.00. Following the purchase, the director directly owned 44,226 shares in the company, valued at $5,357,537.64. This represents a 1.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the transaction, the chief executive officer directly owned 387,388 shares of the company’s stock, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,378 shares of company stock valued at $3,122,952 in the last three months. 3.70% of the stock is currently owned by company insiders.

Palomar 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.