Bank of New York Mellon Corp Has $17.74 Million Stock Position in Palomar Holdings, Inc. $PLMR

Bank of New York Mellon Corp lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,446 shares of the company's stock after selling 30,227 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.56% of Palomar worth $17,739,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Summit Global Investments lifted its holdings in shares of Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company's stock valued at $626,000 after buying an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Palomar by 3.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company's stock valued at $333,000 after buying an additional 82 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Palomar by 2.0% in the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company's stock valued at $602,000 after buying an additional 88 shares in the last quarter. California State Teachers Retirement System increased its holdings in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock worth $3,734,000 after buying an additional 97 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Palomar by 11.7% in the fourth quarter. Covestor Ltd now owns 1,254 shares of the company's stock worth $169,000 after buying an additional 131 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

Shares of Palomar stock opened at $142.91 on Thursday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $123.48 and a 200-day simple moving average of $123.40. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 19.90 and a beta of 0.41. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. Palomar's revenue was up 59.7% compared to the same quarter last year. During the same period last year, the business posted $1.87 EPS. On average, sell-side analysts expect that Palomar Holdings, Inc. will post 8.9 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on PLMR. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $162.00 to $166.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Piper Sandler increased their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Evercore set a $152.00 price target on shares of Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Finally, Weiss Ratings upgraded shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $162.50.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00. Following the completion of the sale, the chief executive officer directly owned 329,388 shares in the company, valued at $37,207,668.48. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total value of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,843 shares of company stock valued at $2,711,683 in the last quarter. Insiders own 3.70% of the company's stock.

Palomar Company Profile

Palomar Holdings, Inc NASDAQ: PLMR is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.

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