Teacher Retirement System of Texas Has $1.73 Million Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Teacher Retirement System of Texas lessened its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 39.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,606 shares of the company's stock after selling 8,317 shares during the quarter. Teacher Retirement System of Texas' holdings in Palomar were worth $1,728,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Jones Financial Companies Lllp raised its holdings in Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares during the period. Charles Schwab Investment Management Inc. grew its position in Palomar by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock worth $25,360,000 after acquiring an additional 9,624 shares during the period. Arizona State Retirement System grew its position in Palomar by 5.7% in the fourth quarter. Arizona State Retirement System now owns 7,585 shares of the company's stock worth $801,000 after acquiring an additional 408 shares during the period. Raymond James Financial Inc. purchased a new position in Palomar in the fourth quarter worth approximately $3,064,000. Finally, PNC Financial Services Group Inc. grew its position in Palomar by 26.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,165 shares of the company's stock worth $545,000 after acquiring an additional 1,075 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Palomar Trading Down 2.6%

PLMR traded down $3.59 on Friday, hitting $135.01. 274,530 shares of the company's stock were exchanged, compared to its average volume of 219,859. The firm has a market cap of $3.61 billion, a PE ratio of 26.95 and a beta of 0.46. Palomar Holdings, Inc. has a twelve month low of $82.55 and a twelve month high of $175.85. The stock has a fifty day moving average of $157.37 and a two-hundred day moving average of $135.96.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating 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 company had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same quarter in the previous year, the company posted $1.09 earnings per share. On average, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PLMR. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Keefe, Bruyette & Woods reduced their price objective on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Jefferies Financial Group increased their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Piper Sandler increased their price objective on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Finally, Evercore ISI raised their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $150.24, for a total transaction of $150,240.00. Following the transaction, the chief financial officer directly owned 8,172 shares in the company, valued at approximately $1,227,761.28. The trade was a 10.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total transaction of $809,800.00. Following the transaction, the chief executive officer directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,175 shares of company stock worth $3,276,251. 3.70% of the stock is owned by insiders.

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.