State of Tennessee Department of Treasury Has $1.26 Million Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

State of Tennessee Department of Treasury decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,929 shares of the company's stock after selling 2,841 shares during the period. State of Tennessee Department of Treasury's holdings in Palomar were worth $1,260,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. bought a new stake in shares of Palomar during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its stake in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after acquiring an additional 349 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock worth $58,000 after purchasing an additional 99 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company's stock worth $110,000 after purchasing an additional 324 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded down $1.11 during trading on Tuesday, reaching $154.58. The company had a trading volume of 42,772 shares, compared to its average volume of 191,260. Palomar Holdings, Inc. has a twelve month low of $77.28 and a twelve month high of $156.03. The firm has a market capitalization of $4.13 billion, a PE ratio of 33.77 and a beta of 0.51. The firm's fifty day moving average is $138.47 and its 200 day moving average is $117.67.

Palomar (NASDAQ:PLMR - Get Free Report) last issued 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. Palomar had a return on equity of 19.76% and a net margin of 21.23%. The company had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. During the same period last year, the firm earned $1.09 EPS. Equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the transaction, the chief executive officer now owns 70,186 shares of the company's stock, valued at $10,741,265.44. The trade was a 4.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $153.04, for a total transaction of $76,520.00. Following the sale, the chief financial officer now directly owns 7,672 shares of the company's stock, valued at approximately $1,174,122.88. This represents a 6.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,254 shares of company stock valued at $2,443,484 over the last three months. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $115.00 to $150.00 in a research report on Tuesday, April 8th. Piper Sandler increased their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Finally, Keefe, Bruyette & Woods reduced their price objective on Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Palomar presently has an average rating of "Moderate Buy" and a consensus target price of $148.33.

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.