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Kornitzer Capital Management Inc. KS reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR – Get Rating) by 34.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,773 shares of the company’s stock after selling 96,890 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.72% of Palomar worth $15,218,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in Palomar by 7.7% during the second quarter. State of Alaska Department of Revenue now owns 18,093 shares of the company’s stock valued at $1,165,000 after purchasing an additional 1,295 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in Palomar during the third quarter valued at approximately $1,013,000. NBW Capital LLC increased its holdings in shares of Palomar by 25.3% during the second quarter. NBW Capital LLC now owns 84,191 shares of the company’s stock worth $5,422,000 after buying an additional 17,003 shares in the last quarter. Geneva Capital Management LLC increased its holdings in shares of Palomar by 3.7% during the third quarter. Geneva Capital Management LLC now owns 344,811 shares of the company’s stock worth $28,867,000 after buying an additional 12,448 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Palomar by 7.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 962,580 shares of the company’s stock worth $61,990,000 after buying an additional 64,806 shares in the last quarter. 90.30% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PLMR has been the subject of several research analyst reports. TheStreet downgraded shares of Palomar from a “b-” rating to a “c+” rating in a report on Tuesday, December 6th. Piper Sandler reduced their price objective on shares of Palomar from $72.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Truist Financial boosted their price objective on shares of Palomar from $86.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, September 22nd. JMP Securities cut shares of Palomar from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 18th. Finally, Keefe, Bruyette & Woods cut shares of Palomar from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $88.00 to $90.00 in a research note on Tuesday, October 11th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $82.83.
Palomar Stock Down 4.1 %
PLMR traded down $2.12 during trading on Friday, reaching $49.26. 1,477 shares of the stock traded hands, compared to its average volume of 171,791. The stock has a market capitalization of $1.24 billion, a PE ratio of 26.48 and a beta of 0.06. The stock’s 50-day moving average is $53.43 and its 200 day moving average is $68.57. Palomar Holdings, Inc. has a 12 month low of $43.63 and a 12 month high of $95.20.
Palomar (NASDAQ:PLMR – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.31). The firm had revenue of $83.05 million for the quarter, compared to the consensus estimate of $96.02 million. Palomar had a net margin of 16.06% and a return on equity of 16.53%. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 2.46 EPS for the current year.
Palomar Profile
(Get Rating)
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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