Bank of America Corp DE Decreases Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bank of America Corp DE lessened its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 14.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 119,210 shares of the company's stock after selling 20,202 shares during the quarter. Bank of America Corp DE owned approximately 0.45% of Palomar worth $12,587,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Algert Global LLC increased its stake in Palomar by 8.5% in the 4th quarter. Algert Global LLC now owns 44,584 shares of the company's stock valued at $4,708,000 after purchasing an additional 3,499 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Palomar in the fourth quarter valued at $11,774,000. Comerica Bank grew its position in shares of Palomar by 25.7% in the fourth quarter. Comerica Bank now owns 48,020 shares of the company's stock valued at $5,071,000 after purchasing an additional 9,804 shares during the period. Lido Advisors LLC grew its position in shares of Palomar by 32.8% in the fourth quarter. Lido Advisors LLC now owns 2,953 shares of the company's stock valued at $312,000 after purchasing an additional 730 shares during the period. Finally, Northern Trust Corp grew its position in shares of Palomar by 17.8% in the fourth quarter. Northern Trust Corp now owns 278,240 shares of the company's stock valued at $29,379,000 after purchasing an additional 42,133 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on PLMR. JMP Securities reissued a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods dropped their price target on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Jefferies Financial Group increased their price objective on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, Truist Financial increased their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $148.33.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total transaction of $648,600.00. Following the transaction, the chief executive officer now directly owns 402,388 shares of the company's stock, valued at approximately $52,197,771.36. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the sale, the chief financial officer now directly owns 9,172 shares in the company, valued at approximately $1,320,768. The trade was a 9.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,202 shares of company stock worth $3,265,129 in the last ninety days. 3.70% of the stock is currently owned by insiders.

Palomar Price Performance

PLMR stock traded down $1.52 during midday trading on Wednesday, hitting $162.38. The company's stock had a trading volume of 9,367 shares, compared to its average volume of 255,029. The stock has a market capitalization of $4.34 billion, a P/E ratio of 36.25 and a beta of 0.51. Palomar Holdings, Inc. has a twelve month low of $77.28 and a twelve month high of $165.00. The company's fifty day moving average price is $148.23 and its 200 day moving average price is $124.84.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same period in the prior year, the company posted $1.09 EPS. Equities analysts expect that Palomar Holdings, Inc. will post 5.99 EPS 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.