State of New Jersey Common Pension Fund D Cuts Position in Palomar Holdings, Inc. $PLMR

State of New Jersey Common Pension Fund D cut its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 24.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,711 shares of the company’s stock after selling 3,815 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Palomar were worth $1,806,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Palomar by 3.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company’s stock valued at $363,000 after acquiring an additional 90 shares during the period. KBC Group NV increased its holdings in shares of Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company’s stock valued at $156,000 after acquiring an additional 95 shares during the period. Hohimer Wealth Management LLC increased its holdings in shares of Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company’s stock valued at $359,000 after acquiring an additional 99 shares during the period. GAMMA Investing LLC increased its holdings in shares of Palomar by 14.4% in the 2nd quarter. GAMMA Investing LLC now owns 833 shares of the company’s stock valued at $128,000 after acquiring an additional 105 shares during the period. Finally, Maryland State Retirement & Pension System increased its holdings in shares of Palomar by 1.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company’s stock valued at $1,212,000 after acquiring an additional 113 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Evercore ISI lowered their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price objective on Palomar from $158.00 to $137.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Finally, Piper Sandler lowered their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.67.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar 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 completion of the transaction, the chief executive officer owned 372,388 shares in the company, valued at approximately $43,204,455.76. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $120.13, for a total value of $62,587.73. Following the transaction, the president owned 59,036 shares of the company’s stock, valued at $7,091,994.68. The trade was a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 20,302 shares of company stock worth $2,414,141. Insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $114.01 on Friday. The stock has a 50-day moving average of $117.28 and a two-hundred day moving average of $136.61. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85. The stock has a market cap of $3.05 billion, a P/E ratio of 20.04 and a beta of 0.30.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company had revenue of $65.74 million during the quarter. Analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

About Palomar

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.