Texas Permanent School Fund Corp Has $1.85 Million Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Texas Permanent School Fund Corp increased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,835 shares of the company’s stock after purchasing an additional 1,191 shares during the period. Texas Permanent School Fund Corp owned approximately 0.09% of Palomar worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new stake in Palomar during the 1st quarter worth approximately $602,000. Dimensional Fund Advisors LP lifted its holdings in Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock worth $23,407,000 after purchasing an additional 52,659 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in Palomar by 1,940.6% during the 1st quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock worth $3,329,000 after purchasing an additional 37,745 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in Palomar by 155.9% during the 1st quarter. Quadrature Capital Ltd now owns 22,773 shares of the company’s stock worth $1,906,000 after purchasing an additional 13,873 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in Palomar by 6.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after purchasing an additional 27,199 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on PLMR shares. JPMorgan Chase & Co. lifted their price target on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price objective on Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Evercore ISI raised their price objective on Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a research note on Tuesday, August 6th. Truist Financial raised their price objective on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Piper Sandler raised their price objective on Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Palomar has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Insider Activity

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The stock was sold at an average price of $78.51, for a total value of $549,570.00. Following the transaction, the chief executive officer now owns 454,388 shares in the company, valued at approximately $35,674,001.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $78.51, for a total transaction of $549,570.00. Following the sale, the chief executive officer now owns 454,388 shares in the company, valued at approximately $35,674,001.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Jon Christianson sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $91.35, for a total value of $182,700.00. Following the sale, the president now owns 51,761 shares in the company, valued at approximately $4,728,367.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,500 shares of company stock worth $4,345,406. Insiders own 4.30% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $96.89 on Thursday. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $100.29. The business’s fifty day moving average is $93.11 and its 200-day moving average is $85.31. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 27.84 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The company had revenue of $123.08 million for the quarter, compared to analyst estimates of $338.74 million. During the same quarter last year, the company posted $0.72 EPS. The company’s revenue for the quarter was up 47.0% compared to the same quarter last year. As a group, research analysts forecast that Palomar Holdings, Inc. will post 4.37 EPS for the current fiscal year.

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.