Bank of New York Mellon Corp Has $26.48 Million Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Bank of New York Mellon Corp decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,145 shares of the company's stock after selling 5,796 shares during the period. Bank of New York Mellon Corp owned 0.72% of Palomar worth $26,476,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new position in Palomar during the 1st quarter worth $276,000. Principal Financial Group Inc. lifted its position in Palomar by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 151,237 shares of the company's stock worth $20,732,000 after acquiring an additional 3,697 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Palomar by 8.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after buying an additional 190 shares during the last quarter. Artemis Investment Management LLP raised its position in shares of Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after buying an additional 77,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Palomar by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock valued at $6,854,000 after buying an additional 14,965 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,191 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $143.10, for a total value of $456,632.10. Following the transaction, the chief executive officer directly owned 73,245 shares of the company's stock, valued at approximately $10,481,359.50. This trade represents a 4.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $143.10, for a total transaction of $71,550.00. Following the completion of the transaction, the chief financial officer directly owned 6,920 shares in the company, valued at approximately $990,252. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,164 shares of company stock valued at $3,087,639 over the last three months. 3.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PLMR has been the subject of several recent research reports. Piper Sandler increased their price target on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research report on Monday, June 30th. Evercore ISI increased 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. Jefferies Financial Group increased their price target on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, Truist Financial increased 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. Three 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 stock has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Palomar Stock Performance

Palomar stock traded down $3.66 during trading hours on Thursday, hitting $140.41. 255,075 shares of the stock were exchanged, compared to its average volume of 222,929. The stock has a market capitalization of $3.75 billion, a P/E ratio of 28.03 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $82.55 and a 12 month high of $175.85. The business's 50-day moving average is $156.54 and its two-hundred day moving average is $136.74.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share 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.