State of Alaska Department of Revenue Sells 342 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

State of Alaska Department of Revenue trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,700 shares of the company’s stock after selling 342 shares during the period. State of Alaska Department of Revenue’s holdings in Palomar were worth $2,015,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Opal Wealth Advisors LLC bought a new stake in shares of Palomar during the 1st quarter worth $46,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Palomar by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock worth $325,000 after purchasing an additional 190 shares during the period. USA Financial Formulas bought a new stake in Palomar in the 1st quarter valued at about $55,000. GAMMA Investing LLC raised its stake in Palomar by 101.7% in the 1st quarter. GAMMA Investing LLC now owns 728 shares of the company’s stock valued at $100,000 after acquiring an additional 367 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in Palomar by 17.9% in the 1st quarter. Harbor Capital Advisors Inc. now owns 50,528 shares of the company’s stock valued at $6,926,000 after acquiring an additional 7,675 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PLMR. Jefferies Financial Group boosted their price objective on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Keefe, Bruyette & Woods lowered their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and upped their price target for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Piper Sandler upped their price target on Palomar from $171.00 to $177.00 and gave the company an “overweight” rating in a research report on Friday, May 30th. Finally, Truist Financial upped their price target on Palomar from $150.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus price target of $164.33.

Palomar Trading Up 2.8%

PLMR stock opened at $160.06 on Tuesday. The company’s 50 day moving average is $157.85 and its 200 day moving average is $132.42. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 31.95 and a beta of 0.50. Palomar Holdings, Inc. has a 1-year low of $77.28 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million for the quarter, compared to analysts’ expectations of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the prior year, the business earned $1.09 earnings per share. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 3,202 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the sale, the chief executive officer now owns 70,186 shares of the company’s stock, valued at $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the sale, the chief financial officer now directly owns 10,172 shares of the company’s stock, valued at approximately $1,413,908. This represents a 8.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,702 shares of company stock valued at $2,695,874 over the last quarter. 3.70% of the stock is owned by corporate insiders.

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.