Bank of New York Mellon Corp Has $21.01 Million Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bank of New York Mellon Corp reduced its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 198,941 shares of the company’s stock after selling 2,142 shares during the period. Bank of New York Mellon Corp owned 0.75% of Palomar worth $21,006,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PLMR. Hussman Strategic Advisors Inc. purchased a new stake in Palomar in the 4th quarter valued at about $443,000. Handelsbanken Fonder AB raised its position in Palomar by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 244,602 shares of the company’s stock worth $25,828,000 after purchasing an additional 5,335 shares during the period. New York State Common Retirement Fund raised its stake in shares of Palomar by 7.1% during the fourth quarter. New York State Common Retirement Fund now owns 15,177 shares of the company’s stock valued at $1,603,000 after acquiring an additional 1,000 shares during the last quarter. Peregrine Capital Management LLC lifted its position in shares of Palomar by 1.8% in the 4th quarter. Peregrine Capital Management LLC now owns 91,650 shares of the company’s stock worth $9,677,000 after purchasing an additional 1,645 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Palomar by 5.6% in the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock worth $15,579,000 after buying an additional 7,875 shares during the period. Institutional investors own 90.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PLMR. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $136.00 to $152.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. Truist Financial upped their price target on shares of Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a report on Thursday, February 13th. Finally, Piper Sandler lifted their price target on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $127.33.

Palomar Stock Performance

NASDAQ PLMR opened at $126.09 on Tuesday. The firm’s fifty day moving average is $113.47 and its two-hundred day moving average is $104.74. The firm has a market cap of $3.36 billion, a PE ratio of 28.15 and a beta of 0.33. Palomar Holdings, Inc. has a one year low of $71.54 and a one year high of $136.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. Research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 552 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total value of $68,039.52. Following the sale, the chief financial officer now directly owns 15,683 shares of the company’s stock, valued at $1,933,086.58. This represents a 3.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Angela L. Grant sold 1,505 shares of Palomar stock in a transaction dated Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total value of $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares of the company’s stock, valued at $268,249.24. This trade represents a 37.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,485 shares of company stock valued at $4,098,195. Insiders own 4.30% of the company’s stock.

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.