Palomar Holdings, Inc. $PLMR Stake Lowered by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust reduced its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,780 shares of the company’s stock after selling 37,386 shares during the period. Palomar accounts for about 1.8% of Emerald Mutual Fund Advisers Trust’s investment portfolio, making the stock its 8th biggest position. Emerald Mutual Fund Advisers Trust owned about 0.71% of Palomar worth $29,274,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock worth $43,000 after acquiring an additional 202 shares during the last quarter. Maseco LLP bought a new stake in Palomar during the second quarter worth approximately $45,000. TCTC Holdings LLC increased its stake in Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after acquiring an additional 205 shares during the last quarter. IFP Advisors Inc increased its stake in Palomar by 556.9% during the second quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after acquiring an additional 284 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new stake in Palomar during the first quarter worth approximately $66,000. 90.25% of the stock is owned by institutional investors.

Palomar Stock Performance

PLMR opened at $112.49 on Thursday. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 19.77 and a beta of 0.30. The stock’s 50 day moving average price is $117.79 and its 200-day moving average price is $137.16. Palomar Holdings, Inc. has a one year low of $85.00 and a one year high of $175.85.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%.The company had revenue of $65.74 million for the quarter. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the topic of several analyst reports. Keefe, Bruyette & Woods reduced their price objective on Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. Piper Sandler reduced their price objective on Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Evercore ISI cut their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $156.67.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $116.02, for a total value of $580,100.00. Following the transaction, the chief executive officer owned 372,388 shares of the company’s stock, valued at $43,204,455.76. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Taketa acquired 500 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the purchase, the director owned 44,226 shares of the company’s stock, valued at $5,357,537.64. This represents a 1.14% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 20,302 shares of company stock valued at $2,414,141 over the last 90 days. 3.70% of the stock is owned by 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.