Mutual of America Capital Management LLC Lowers Stock Holdings in Palomar Holdings, Inc. $PLMR

Mutual of America Capital Management LLC reduced its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 11.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,435 shares of the company’s stock after selling 429 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Palomar were worth $530,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new position in Palomar during the first quarter valued at approximately $276,000. Principal Financial Group Inc. grew its holdings in shares of Palomar by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 151,237 shares of the company’s stock valued at $20,732,000 after purchasing an additional 3,697 shares during the last quarter. Informed Momentum Co LLC purchased a new position in Palomar in the 1st quarter worth $4,894,000. HighTower Advisors LLC lifted its stake in Palomar by 252.8% in the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock worth $1,538,000 after purchasing an additional 8,038 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new stake in Palomar during the first quarter valued at about $6,943,000. 90.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Piper Sandler dropped their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Finally, Evercore ISI dropped their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.67.

Palomar Stock Up 0.5%

NASDAQ:PLMR opened at $113.84 on Tuesday. The firm’s fifty day simple moving average is $118.21 and its 200 day simple moving average is $137.62. The stock has a market cap of $3.05 billion, a P/E ratio of 20.01 and a beta of 0.30. 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 earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The firm had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 521 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $62,587.73. Following the transaction, the president owned 59,036 shares in the company, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total value of $60,795.00. Following the completion of the transaction, the chief financial officer owned 7,168 shares of the company’s stock, valued at approximately $871,557.12. The trade was a 6.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,432 shares of company stock worth $2,561,154. Insiders own 3.70% of the company’s stock.

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.