Bank of New York Mellon Corp Takes Position in Palomar Holdings Inc (NASDAQ:PLMR)

Bank of New York Mellon Corp bought a new stake in Palomar Holdings Inc (NASDAQ:PLMR) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 117,841 shares of the company’s stock, valued at approximately $2,833,000. Bank of New York Mellon Corp owned about 0.50% of Palomar at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PLMR. Strs Ohio acquired a new stake in shares of Palomar in the 2nd quarter worth $36,000. Quantitative Systematic Strategies LLC acquired a new stake in shares of Palomar in the second quarter valued at about $201,000. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Palomar in the second quarter valued at about $2,449,000. One Tusk Investment Partners LP acquired a new stake in shares of Palomar in the second quarter valued at about $2,404,000. Finally, Axiom International Investors LLC DE acquired a new stake in shares of Palomar in the second quarter valued at about $1,419,000. 25.98% of the stock is currently owned by hedge funds and other institutional investors.

In other Palomar news, major shareholder Vi Gp Aiv Ltd. Genstar sold 5,153,500 shares of Palomar stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $35.04, for a total transaction of $180,578,640.00. Also, President Heath A. Fisher sold 35,000 shares of Palomar stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $36.50, for a total transaction of $1,277,500.00. Over the last ninety days, insiders have sold 6,037,500 shares of company stock worth $211,694,890.

Shares of NASDAQ PLMR traded up $0.66 during midday trading on Friday, reaching $39.41. 259,611 shares of the stock were exchanged, compared to its average volume of 336,353. Palomar Holdings Inc has a 52-week low of $18.06 and a 52-week high of $40.99. The stock’s 50 day simple moving average is $35.91.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $25.41 million during the quarter, compared to analysts’ expectations of $24.25 million. As a group, analysts expect that Palomar Holdings Inc will post 1.74 EPS for the current fiscal year.

Several research firms have weighed in on PLMR. Zacks Investment Research upgraded shares of Palomar from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a report on Thursday, August 15th. Barclays raised their target price on shares of Palomar from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $28.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $27.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Finally, Evercore ISI restated a “buy” rating on shares of Palomar in a report on Monday, August 12th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Palomar presently has an average rating of “Buy” and a consensus target price of $39.20.

Palomar Company Profile

There is no company description available for Palomar Holdings Inc

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Institutional Ownership by Quarter for Palomar (NASDAQ:PLMR)

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