King Luther Capital Management Corp Sells 32,348 Shares of Palomar Holdings, Inc. $PLMR

King Luther Capital Management Corp reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 36.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 57,459 shares of the company’s stock after selling 32,348 shares during the quarter. King Luther Capital Management Corp’s holdings in Palomar were worth $8,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Maseco LLP bought a new position in Palomar during the 2nd quarter worth $45,000. Nisa Investment Advisors LLC grew its stake in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after acquiring an additional 202 shares in the last quarter. IFP Advisors Inc increased its position in Palomar by 556.9% during the second quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after acquiring an additional 284 shares during the period. TCTC Holdings LLC increased its position in Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after acquiring an additional 205 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in Palomar in the 1st quarter worth about $66,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLMR has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their price objective on Palomar from $158.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Keefe, Bruyette & Woods dropped their price objective on Palomar from $204.00 to $172.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Finally, Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $156.67.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $128.06 on Monday. The company’s 50 day simple moving average is $116.82 and its 200 day simple moving average is $135.44. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 22.51 and a beta of 0.25. Palomar Holdings, Inc. has a 1 year low of $95.24 and a 1 year high of $175.85.

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

Insider Buying and Selling at Palomar

In related news, CFO T Christopher Uchida sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $121.59, for a total value of $60,795.00. Following the sale, the chief financial officer directly owned 7,168 shares of the company’s stock, valued at $871,557.12. This trade represents a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction dated Monday, August 18th. The shares were 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 in the company, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,302 shares of company stock worth $2,414,141 over the last quarter. 3.70% of the stock is currently owned by company 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.