Arizona State Retirement System Grows Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Arizona State Retirement System increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,961 shares of the company’s stock after buying an additional 164 shares during the quarter. Arizona State Retirement System’s holdings in Palomar were worth $565,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PLMR. Artemis Investment Management LLP purchased a new stake in shares of Palomar during the first quarter valued at $20,904,000. Norges Bank purchased a new stake in shares of Palomar during the fourth quarter valued at $9,726,000. Victory Capital Management Inc. grew its holdings in shares of Palomar by 1,634.6% during the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after buying an additional 167,435 shares during the last quarter. F M Investments LLC purchased a new stake in shares of Palomar during the second quarter valued at $11,946,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Palomar by 214.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock valued at $13,445,000 after buying an additional 112,996 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the completion of the transaction, the president now owns 51,926 shares in the company, valued at approximately $4,901,814.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $80.32, for a total transaction of $80,320.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares of the company’s stock, valued at approximately $1,935,230.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $94.40, for a total transaction of $944,000.00. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. The disclosure for this sale can be found here. Insiders sold a total of 51,500 shares of company stock worth $4,588,146 in the last 90 days. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PLMR. Evercore ISI boosted their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Piper Sandler boosted their target price on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Finally, Truist Financial boosted their target price on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average price target of $101.33.

Palomar Stock Performance

Shares of Palomar stock opened at $95.78 on Tuesday. The firm has a 50-day simple moving average of $92.45 and a two-hundred day simple moving average of $85.07. The company has a market cap of $2.40 billion, a P/E ratio of 27.52 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $100.29.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The firm had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue for the quarter was up 47.0% on a year-over-year basis. Equities research analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS 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.