Maryland State Retirement & Pension System Acquires 113 Shares of Palomar Holdings, Inc. $PLMR

Maryland State Retirement & Pension System lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,859 shares of the company’s stock after purchasing an additional 113 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Palomar were worth $1,212,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. American Century Companies Inc. increased its holdings in shares of Palomar by 5.6% during the first quarter. American Century Companies Inc. now owns 829,124 shares of the company’s stock worth $113,656,000 after purchasing an additional 43,705 shares during the period. Westfield Capital Management Co. LP increased its holdings in shares of Palomar by 4.2% during the first quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company’s stock worth $84,797,000 after purchasing an additional 25,138 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of Palomar by 3.1% during the first quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company’s stock worth $76,649,000 after purchasing an additional 17,014 shares during the period. Artemis Investment Management LLP increased its holdings in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company’s stock worth $73,003,000 after purchasing an additional 77,472 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Palomar by 4.3% during the first quarter. Northern Trust Corp now owns 290,283 shares of the company’s stock worth $39,792,000 after purchasing an additional 12,043 shares during the period. 90.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Evercore ISI reduced their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Piper Sandler reduced their price target on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $156.67.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were 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 of the company’s stock, valued at approximately $43,204,455.76. This trade represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Taketa purchased 500 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were 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 of the company’s stock, valued at approximately $5,357,537.64. The trade was a 1.14% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 21,905 shares of company stock valued at $2,839,676. Corporate insiders own 3.70% of the company’s stock.

Palomar Price Performance

Shares of Palomar stock opened at $118.07 on Monday. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The firm has a market capitalization of $3.16 billion, a P/E ratio of 20.75 and a beta of 0.30. The company’s 50 day moving average price is $119.53 and its two-hundred day moving average price is $139.31.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $65.74 million for the quarter. On average, analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current 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.