Calamos Advisors LLC Sells 12,497 Shares of Palomar Holdings, Inc. $PLMR

Calamos Advisors LLC trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 67.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,068 shares of the company’s stock after selling 12,497 shares during the period. Calamos Advisors LLC’s holdings in Palomar were worth $936,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AustralianSuper Pty Ltd bought a new position in Palomar in the 2nd quarter worth $37,253,000. Nuveen LLC purchased a new position in shares of Palomar in the first quarter valued at about $26,084,000. Alliancebernstein L.P. boosted its stake in shares of Palomar by 322.4% in the first quarter. Alliancebernstein L.P. now owns 127,383 shares of the company’s stock worth $17,462,000 after acquiring an additional 97,226 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Palomar during the second quarter worth about $9,941,000. Finally, Invesco Ltd. raised its stake in Palomar by 33.8% during the 1st quarter. Invesco Ltd. now owns 238,978 shares of the company’s stock valued at $32,759,000 after purchasing an additional 60,409 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Down 0.3%

PLMR stock opened at $129.72 on Friday. Palomar Holdings, Inc. has a 52 week low of $98.42 and a 52 week high of $175.85. The company has a fifty day simple moving average of $117.54 and a two-hundred day simple moving average of $134.98. The firm has a market capitalization of $3.44 billion, a P/E ratio of 22.80 and a beta of 0.25.

Palomar (NASDAQ:PLMR) last announced its earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $65.74 million for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity at Palomar

In related news, Director Richard H. Taketa acquired 500 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the transaction, the director directly owned 44,226 shares in the company, valued at approximately $5,357,537.64. This trade represents a 1.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the completion of the transaction, the president owned 59,036 shares of the company’s stock, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 20,302 shares of company stock valued at $2,414,141 over the last ninety days. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on PLMR shares. Evercore ISI dropped their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a report on Saturday. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.67.

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.