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

Bank of New York Mellon Corp cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,420 shares of the company's stock after selling 13,449 shares during the period. Bank of New York Mellon Corp owned about 0.90% of Palomar worth $18,293,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Palomar in the 1st quarter valued at about $59,000. Advisors Asset Management Inc. increased its position in shares of Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company's stock valued at $62,000 after purchasing an additional 425 shares during the last quarter. Atwood & Palmer Inc. increased its position in shares of Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company's stock valued at $63,000 after purchasing an additional 300 shares during the last quarter. Covestor Ltd raised its holdings in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company's stock valued at $99,000 after purchasing an additional 266 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in shares of Palomar during the fourth quarter worth $108,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $99.00, for a total transaction of $173,250.00. Following the completion of the sale, the chief financial officer now directly owns 20,594 shares of the company's stock, valued at approximately $2,038,806. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,750 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $99.00, for a total value of $173,250.00. Following the transaction, the chief financial officer now directly owns 20,594 shares of the company's stock, valued at approximately $2,038,806. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas A. Bradley bought 1,000 shares of Palomar stock in a transaction dated Friday, August 9th. The stock was purchased at an average price of $89.42 per share, with a total value of $89,420.00. Following the purchase, the director now directly owns 4,724 shares in the company, valued at approximately $422,420.08. The disclosure for this purchase can be found here. Insiders have sold a total of 41,500 shares of company stock valued at $3,644,146 over the last quarter. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on PLMR shares. Piper Sandler raised their price target on Palomar from $99.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the company a "neutral" rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $96.00 to $113.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Evercore ISI boosted their price objective on shares of Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 6th. Finally, Truist Financial increased their target price on shares of Palomar from $100.00 to $112.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Palomar currently has an average rating of "Moderate Buy" and an average target price of $101.33.

Palomar Price Performance

Shares of PLMR traded down $1.57 during mid-day trading on Friday, reaching $94.51. 123,860 shares of the company's stock were exchanged, compared to its average volume of 164,841. The business's fifty day simple moving average is $91.07 and its 200-day simple moving average is $84.14. The stock has a market capitalization of $2.36 billion, a PE ratio of 27.16 and a beta of 0.34. Palomar Holdings, Inc. has a 52-week low of $48.08 and a 52-week high of $100.29.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same period last year, the firm posted $0.72 EPS. Palomar's revenue for the quarter was up 47.0% on a year-over-year basis. Equities research analysts predict that Palomar Holdings, Inc. will post 4.37 earnings per share for the current 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.