Bank of New York Mellon Corp Decreases Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bank of New York Mellon Corp lessened its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,941 shares of the company's stock after selling 2,142 shares during the quarter. Bank of New York Mellon Corp owned about 0.75% of Palomar worth $21,006,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Dakota Wealth Management raised its stake in shares of Palomar by 3.1% during the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company's stock worth $324,000 after acquiring an additional 92 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company's stock worth $1,588,000 after acquiring an additional 100 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Palomar by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company's stock worth $1,352,000 after acquiring an additional 100 shares in the last quarter. Covestor Ltd raised its stake in shares of Palomar by 20.2% during the 3rd quarter. Covestor Ltd now owns 1,076 shares of the company's stock worth $102,000 after acquiring an additional 181 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Palomar by 2.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 7,919 shares of the company's stock worth $836,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

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Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now directly owns 419,388 shares of the company's stock, valued at approximately $43,213,739.52. This represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Angela L. Grant sold 1,505 shares of the stock in a transaction on Wednesday, January 1st. The stock was sold at an average price of $105.86, for a total transaction of $159,319.30. Following the sale, the insider now directly owns 2,534 shares in the company, 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. Insiders have sold 38,485 shares of company stock worth $4,098,195 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on PLMR shares. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Truist Financial upped their price target on shares of Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Piper Sandler upped their price target on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. Finally, Keefe, Bruyette & Woods upped their price target 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $127.33.

Palomar Stock Down 2.3 %

Shares of NASDAQ:PLMR traded down $3.05 during midday trading on Thursday, reaching $127.39. The company's stock had a trading volume of 211,712 shares, compared to its average volume of 163,211. The firm has a market capitalization of $3.40 billion, a PE ratio of 28.44 and a beta of 0.33. Palomar Holdings, Inc. has a twelve month low of $74.09 and a twelve month high of $136.90. The stock has a fifty day moving average of $114.94 and a 200 day moving average of $105.30.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data 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 net margin of 21.23% and a return on equity of 19.76%. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share 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.