New York State Common Retirement Fund Grows Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

New York State Common Retirement Fund grew its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 48.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,561 shares of the company's stock after buying an additional 7,384 shares during the quarter. New York State Common Retirement Fund owned 0.08% of Palomar worth $3,093,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its holdings in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Palomar during the first quarter worth $46,000. NBC Securities Inc. bought a new stake in Palomar in the first quarter worth approximately $53,000. USA Financial Formulas acquired a new position in Palomar during the first quarter worth $55,000. Finally, GAMMA Investing LLC grew its holdings in shares of Palomar by 101.7% in the first quarter. GAMMA Investing LLC now owns 728 shares of the company's stock valued at $100,000 after acquiring an additional 367 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on PLMR shares. Jefferies Financial Group increased their target price on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Truist Financial upped their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Keefe, Bruyette & Woods cut their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Piper Sandler increased their target price on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Finally, Evercore ISI upped their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total value of $809,800.00. Following the sale, the chief executive officer owned 392,388 shares in the company, valued at $63,551,160.48. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total transaction of $79,345.00. Following the sale, the chief financial officer owned 7,420 shares in the company, valued at $1,177,479.80. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,164 shares of company stock valued at $3,061,089. 3.70% of the stock is owned by insiders.

Palomar Trading Down 1.5%

PLMR opened at $137.80 on Wednesday. The firm has a 50-day moving average price of $155.74 and a two-hundred day moving average price of $137.67. Palomar Holdings, Inc. has a 1-year low of $82.55 and a 1-year high of $175.85. The stock has a market capitalization of $3.68 billion, a PE ratio of 27.50 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. During the same period last year, the business posted $1.09 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar 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.

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