Maryland State Retirement & Pension System Acquires 113 Shares of Palomar Holdings, Inc. $PLMR

Maryland State Retirement & Pension System grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,859 shares of the company’s stock after acquiring an additional 113 shares during the period. Maryland State Retirement & Pension System’s holdings in Palomar were worth $1,212,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in Palomar by 101.7% in the first quarter. GAMMA Investing LLC now owns 728 shares of the company’s stock valued at $100,000 after buying an additional 367 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company’s stock valued at $325,000 after buying an additional 190 shares during the period. Opal Wealth Advisors LLC acquired a new position in Palomar in the first quarter valued at $46,000. Cambridge Investment Research Advisors Inc. acquired a new position in Palomar in the first quarter valued at $276,000. Finally, Yorktown Management & Research Co Inc acquired a new position in Palomar in the first quarter valued at $274,000. Institutional investors own 90.25% of the company’s stock.

Insider Activity at Palomar

In other Palomar news, Director Richard H. Taketa bought 500 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was bought at an average cost of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. The trade was a 1.14% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO T Christopher Uchida sold 500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total transaction of $60,795.00. Following the sale, the chief financial officer directly owned 7,168 shares of the company’s stock, valued at approximately $871,557.12. The trade was a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,905 shares of company stock valued at $2,839,676 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Evercore ISI decreased their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Palomar from $158.00 to $137.00 and set an “overweight” rating for the company in a research note on Thursday. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $156.67.

Palomar Trading Down 1.4%

PLMR opened at $118.07 on Monday. The company has a fifty day moving average price of $119.53 and a two-hundred day moving average price of $139.31. The company has a market cap of $3.16 billion, a P/E ratio of 20.75 and a beta of 0.30. Palomar Holdings, Inc. has a 1-year low of $85.00 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. On average, research analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

About Palomar

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.