Palomar Holdings, Inc. $PLMR Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 24.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,041 shares of the company’s stock after selling 1,328 shares during the period. PNC Financial Services Group Inc.’s holdings in Palomar were worth $623,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Allworth Financial LP lifted its position in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares in the last quarter. Maseco LLP purchased a new stake in shares of Palomar during the second quarter valued at approximately $45,000. TCTC Holdings LLC lifted its position in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after purchasing an additional 205 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Palomar by 556.9% in the second quarter. IFP Advisors Inc now owns 335 shares of the company’s stock valued at $52,000 after purchasing an additional 284 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in Palomar during the 1st quarter valued at $66,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $122.81 on Friday. The firm has a market cap of $3.25 billion, a PE ratio of 21.58 and a beta of 0.25. Palomar Holdings, Inc. has a 1 year low of $98.42 and a 1 year high of $175.85. The firm’s 50-day simple moving average is $118.11 and its 200-day simple moving average is $134.01.

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

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 782 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the sale, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. This represents a 8.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $115.31, for a total transaction of $576,550.00. Following the completion of the transaction, the chief executive officer directly owned 367,388 shares of the company’s stock, valued at approximately $42,363,510.28. This represents a 1.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 14,803 shares of company stock valued at $1,734,471. 3.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

PLMR has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Palomar from $137.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Piper Sandler reduced their price target on Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. 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 note on Wednesday, October 1st. Finally, Wall Street Zen raised Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $157.67.

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.