Palomar Holdings, Inc. (NASDAQ:PLMR) Position Decreased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 7.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 20,355 shares of the company’s stock after selling 1,697 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Palomar were worth $1,927,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in PLMR. Covestor Ltd boosted its holdings in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after buying an additional 181 shares during the period. Summit Global Investments acquired a new position in shares of Palomar in the third quarter worth about $260,000. Kornitzer Capital Management Inc. KS boosted its holdings in shares of Palomar by 0.8% in the third quarter. Kornitzer Capital Management Inc. KS now owns 162,973 shares of the company’s stock worth $15,429,000 after buying an additional 1,300 shares during the period. Emerald Advisers LLC boosted its holdings in shares of Palomar by 1.9% in the third quarter. Emerald Advisers LLC now owns 449,973 shares of the company’s stock worth $42,599,000 after buying an additional 8,601 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of Palomar by 85.4% in the third quarter. Harbor Capital Advisors Inc. now owns 33,457 shares of the company’s stock worth $3,167,000 after buying an additional 15,416 shares during the period. Institutional investors own 90.25% of the company’s stock.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the transaction, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This trade represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,750 shares of Palomar stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the transaction, the chief financial officer now directly owns 20,594 shares in the company, valued at approximately $2,038,806. This represents a 7.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,076 shares of company stock valued at $3,806,029. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PLMR has been the subject of several recent analyst reports. Evercore ISI raised their target price on shares of Palomar from $90.00 to $99.00 and gave the stock an “in-line” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Truist Financial raised their target price on shares of Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Piper Sandler increased their price target on shares of Palomar from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group increased their price target on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.00.

Palomar Price Performance

NASDAQ PLMR opened at $103.69 on Monday. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 24.63 and a beta of 0.34. The company has a 50 day simple moving average of $95.77 and a 200-day simple moving average of $90.21. Palomar Holdings, Inc. has a 52-week low of $54.50 and a 52-week high of $107.00.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter last year, the firm earned $0.80 earnings per share. On average, analysts predict that Palomar Holdings, Inc. will post 4.32 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.