Voya Investment Management LLC Lowers Stock Position in Palomar Holdings, Inc. $PLMR

Voya Investment Management LLC cut its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 6.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,983 shares of the company’s stock after selling 468 shares during the period. Voya Investment Management LLC’s holdings in Palomar were worth $957,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PLMR. Tidal Investments LLC purchased a new stake in Palomar during the fourth quarter worth $616,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Palomar by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company’s stock worth $6,854,000 after buying an additional 14,965 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Palomar during the fourth quarter worth $5,652,000. California State Teachers Retirement System lifted its holdings in Palomar by 3.8% during the fourth quarter. California State Teachers Retirement System now owns 24,444 shares of the company’s stock valued at $2,581,000 after purchasing an additional 899 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Palomar by 27,543.8% during the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company’s stock valued at $13,680,000 after purchasing an additional 99,433 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Jon Christianson sold 521 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president directly owned 59,036 shares in the company, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $116.02, for a total transaction of $580,100.00. Following the sale, the chief executive officer owned 372,388 shares of the company’s stock, valued at approximately $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,378 shares of company stock valued at $2,912,352 in the last quarter. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. Piper Sandler decreased their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their price objective on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Evercore ISI increased their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a report on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $165.83.

Palomar Trading Up 0.8%

NASDAQ:PLMR opened at $117.03 on Thursday. The company’s 50-day moving average price is $124.07 and its 200-day moving average price is $140.54. The company has a market cap of $3.13 billion, a P/E ratio of 20.57 and a beta of 0.34. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. During the same period last year, the firm posted $1.25 earnings per share. The company’s revenue for the quarter was up 47.6% on a year-over-year basis. On average, analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share 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.