Bank of New York Mellon Corp Has $17.74 Million Stock Position in Palomar Holdings, Inc. $PLMR

Bank of New York Mellon Corp lowered its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,446 shares of the company’s stock after selling 30,227 shares during the quarter. Bank of New York Mellon Corp’s holdings in Palomar were worth $17,739,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after purchasing an additional 67,038 shares during the period. Westfield Capital Management Co. LP grew its position in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after purchasing an additional 101,698 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after purchasing an additional 568,360 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after purchasing an additional 328,993 shares during the period. Finally, Stephens Investment Management Group LLC raised its position in shares of Palomar by 3.0% during the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after buying an additional 20,597 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Trading Down 0.2%

Shares of Palomar stock opened at $142.91 on Thursday. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62. The firm has a market capitalization of $3.79 billion, a PE ratio of 19.90 and a beta of 0.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The company’s fifty day moving average price is $123.48 and its two-hundred day moving average price is $123.40.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. During the same period last year, the firm earned $1.87 EPS. The firm’s revenue for the quarter was up 59.7% compared to the same quarter last year. On average, analysts expect that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PLMR shares. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler boosted their price target on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their price target on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Evercore set a $152.00 price objective on Palomar in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $162.50.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00. Following the sale, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total value of $957,388.50. Following the completion of the sale, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,843 shares of company stock valued at $2,711,683 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.