Comerica Bank reduced its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR – Get Rating) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,291 shares of the company’s stock after selling 1,105 shares during the period. Comerica Bank’s holdings in Palomar were worth $1,559,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in PLMR. Atwood & Palmer Inc. boosted its position in shares of Palomar by 85.7% in the 2nd quarter. Atwood & Palmer Inc. now owns 650 shares of the company’s stock worth $42,000 after buying an additional 300 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Palomar in the 1st quarter worth about $55,000. Advisor Group Holdings Inc. boosted its position in shares of Palomar by 34.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company’s stock worth $94,000 after buying an additional 374 shares in the last quarter. KBC Group NV purchased a new stake in shares of Palomar in the 2nd quarter worth about $138,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Palomar in the 3rd quarter worth about $145,000. 90.30% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on PLMR shares. Barclays reduced their target price on shares of Palomar from $102.00 to $93.00 and set an “overweight” rating on the stock in a report on Monday, November 7th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, November 3rd. JMP Securities lowered shares of Palomar from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 18th. Keefe, Bruyette & Woods lowered shares of Palomar from an “outperform” rating to a “market perform” rating and upped their target price for the company from $88.00 to $90.00 in a report on Tuesday, October 11th. Finally, Jefferies Financial Group initiated coverage on shares of Palomar in a research note on Monday, December 12th. They set a “hold” rating and a $55.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $82.83.
Palomar Stock Performance
Palomar (NASDAQ:PLMR – Get Rating) last posted its earnings results on Wednesday, November 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.31). The business had revenue of $83.05 million for the quarter, compared to analyst estimates of $96.02 million. Palomar had a return on equity of 16.53% and a net margin of 16.06%. On average, sell-side analysts predict that Palomar Holdings, Inc. will post 2.46 earnings per share for the current year.
Palomar Company Profile
Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.
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