King Luther Capital Management Corp Has $8.86 Million Stock Position in Palomar Holdings, Inc. $PLMR

King Luther Capital Management Corp lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 36.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,459 shares of the company’s stock after selling 32,348 shares during the period. King Luther Capital Management Corp owned about 0.21% of Palomar worth $8,863,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. bought a new position in Palomar during the 1st quarter worth about $276,000. Informed Momentum Co LLC acquired a new position in shares of Palomar during the first quarter worth about $4,894,000. HighTower Advisors LLC boosted its position in shares of Palomar by 252.8% during the first quarter. HighTower Advisors LLC now owns 11,217 shares of the company’s stock worth $1,538,000 after buying an additional 8,038 shares during the period. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Palomar during the first quarter worth about $6,943,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Palomar in the 1st quarter valued at approximately $314,000. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Palomar Price Performance

Shares of PLMR stock opened at $128.06 on Monday. The company has a fifty day moving average price of $116.82 and a two-hundred day moving average price of $135.44. Palomar Holdings, Inc. has a one year low of $95.24 and a one year high of $175.85. The stock has a market cap of $3.43 billion, a P/E ratio of 22.51 and a beta of 0.25.

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

Insider Buying and Selling

In other news, 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 transaction of $62,587.73. Following the completion of the transaction, the president directly owned 59,036 shares in the company, valued at approximately $7,091,994.68. The trade was a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $115.31, for a total value of $576,550.00. Following the completion of the sale, the chief executive officer owned 367,388 shares in the company, valued at approximately $42,363,510.28. This trade represents a 1.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 20,302 shares of company stock valued at $2,414,141. Insiders own 3.70% of the company’s stock.

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.