Illinois Municipal Retirement Fund Lowers Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Illinois Municipal Retirement Fund lessened its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 5.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,817 shares of the company’s stock after selling 780 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.06% of Palomar worth $767,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Signaturefd LLC increased its position in Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock worth $33,000 after purchasing an additional 221 shares during the last quarter. Handelsbanken Fonder AB increased its position in Palomar by 5.3% in the third quarter. Handelsbanken Fonder AB now owns 4,210 shares of the company’s stock worth $214,000 after purchasing an additional 210 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Palomar in the fourth quarter worth $214,000. Dark Forest Capital Management LP bought a new stake in Palomar in the third quarter worth $273,000. Finally, Raymond James & Associates bought a new stake in Palomar in the fourth quarter worth $293,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the completion of the sale, the chief executive officer now directly owns 468,388 shares of the company’s stock, valued at $37,485,091.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $76.30, for a total transaction of $76,300.00. Following the completion of the sale, the chief financial officer now directly owns 25,344 shares of the company’s stock, valued at $1,933,747.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,784 shares of company stock worth $3,455,642. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Evercore ISI boosted their price target on shares of Palomar from $68.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler boosted their price objective on shares of Palomar from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Finally, Jefferies Financial Group upgraded shares of Palomar from a “hold” rating to a “buy” rating and boosted their price objective for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $87.50.

Palomar Trading Up 0.9 %

NASDAQ PLMR opened at $80.25 on Tuesday. The company’s 50-day moving average price is $78.53 and its 200-day moving average price is $65.53. The stock has a market cap of $2.00 billion, a PE ratio of 25.72 and a beta of 0.21. Palomar Holdings, Inc. has a 12 month low of $46.09 and a 12 month high of $86.25.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $102.35 million for the quarter, compared to analysts’ expectations of $95.07 million. Palomar had a net margin of 21.07% and a return on equity of 19.35%. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 3.84 earnings per share for the current year.

Palomar Company 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.