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Oregon Public Employees Retirement Fund Cuts Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

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Oregon Public Employees Retirement Fund lessened its position in Palomar Holdings, Inc. (NASDAQ:PLMRGet Rating) by 2.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 9,080 shares of the company’s stock after selling 200 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Palomar were worth $581,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System raised its stake in Palomar by 2.0% in the 4th quarter. New York State Teachers Retirement System now owns 20,873 shares of the company’s stock valued at $1,352,000 after purchasing an additional 400 shares during the last quarter. Peregrine Capital Management LLC lifted its stake in shares of Palomar by 2.9% in the fourth quarter. Peregrine Capital Management LLC now owns 227,494 shares of the company’s stock worth $14,735,000 after buying an additional 6,380 shares in the last quarter. Yousif Capital Management LLC acquired a new position in Palomar during the fourth quarter worth about $1,513,000. CWM LLC acquired a new position in Palomar during the fourth quarter worth about $6,973,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Palomar during the 4th quarter valued at about $368,000. 89.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $59.17, for a total transaction of $29,585.00. Following the completion of the transaction, the chief financial officer now owns 25,925 shares of the company’s stock, valued at $1,533,982.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PLMR. TheStreet raised shares of Palomar from a “c” rating to a “b-” rating in a research note on Monday, April 18th. Barclays lowered their price objective on Palomar from $85.00 to $72.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Piper Sandler raised Palomar from a “neutral” rating to an “overweight” rating and set a $70.00 target price for the company in a research note on Wednesday, June 22nd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Palomar has a consensus rating of “Buy” and an average target price of $78.20.

Palomar Stock Performance

PLMR stock opened at $55.96 on Friday. Palomar Holdings, Inc. has a one year low of $44.01 and a one year high of $97.18. The firm has a market cap of $1.41 billion, a PE ratio of 33.31 and a beta of 0.18. The firm’s 50 day moving average price is $60.69 and its 200-day moving average price is $58.83.

Palomar (NASDAQ:PLMRGet Rating) last posted its earnings results on Wednesday, May 4th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.06. Palomar had a return on equity of 13.53% and a net margin of 15.82%. The company had revenue of $79.39 million during the quarter, compared to analysts’ expectations of $76.89 million. During the same quarter last year, the firm earned $0.73 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 2.87 EPS for the current fiscal year.

About Palomar

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Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.

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