According to the most recent Form 13F that the company has filed with the Securities and Exchange Commission, Kornitzer Capital Management Inc. sold off 34.8% of its holdings in Palomar Holdings, Inc. (NASDAQ: PLMR) during the third quarter. The institutional investor was ultimately left in possession of 181,773 shares of the company’s stock after selling 96,890 shares throughout the period in question. Kornitzer Capital Management Inc. (KS), as of the end of the most recent reporting period, held ownership of approximately 0.72 percent of Palomar, which had a value of $15,218,000.
In addition, several institutional investors have recently adjusted the percentage of the company’s stock in their respective portfolios. The State of Alaska Department of Revenue increased the amount of Palomar stock owned by 7.7% over the second quarter of the fiscal year. The State of Alaska Department of Revenue now has 18,093 shares of the company’s stock, which are currently valued at $1,165,000 after purchasing an additional 1,295 shares during the most recent quarter. This brings the total number of shares that the department owns to 18,093. The Louisiana State Employees Retirement System made payments totaling approximately $1,013,000 for new jobs in Palomar during the third quarter of 2018. NBW Capital LLC increased its holdings of Palomar stock during the second quarter, resulting in a 25.3% increase in the company’s total holdings.NBW Capital LLC now holds 84,191 shares of the company’s stock after purchasing an additional 17,003 shares during the most recent quarter. The value of NBW Capital LLC’s company stock holdings is $5,422,000. During the third quarter, Geneva Capital Management LLC achieved a 3.7% increase in the amount of Palomar stock held in its portfolio. Geneva Capital Management LLC now holds 344,811 shares of the company’s stock worth a combined total of $28,867,000 after the company’s stock was increased by an additional 12,448 shares during the preceding quarter. And finally, throughout the second quarter, Sumitomo Mitsui Trust Holdings Inc. increased the proportion of its portfolio comprised of Palomar holdings by 7.2%. Following the acquisition of an additional 64,806 shares during the most recent quarter, Sumitomo Mitsui Trust Holdings Inc. now owns a total of 962,580 shares in the company, which are currently valued at a total of $61,990,000. Other institutional investors, such as hedge funds, currently own 90.30% of the company’s shares.
Numerous research and analyst studies have focused on PLMR as a topic worthy of investigation. TheStreet lowered their previous rating of “b-” for Palomar’s shares to a “c+” rating in a research published on Tuesday, December 6th. The article was about Palomar’s stock. Piper Sandler lowered their rating for Palomar from “overweight” to “neutral” in a research report released on December 19th. Piper Sandler’s report was published on Monday. In addition, Piper Jaffray lowered their price target on Palomar stock from $72 to $64, making the reduction effective immediately. In a research note published on September 22nd, Trust Financial upgraded Palomar to a “buy” rating and increased their price objective on the stock from $85.00 to $105.00. The price objective change came from the company’s belief that the stock would perform better than its current price. On Tuesday, October 18th, JMP Securities announced in a research note that it had moved Palomar’s shares from the “outperform” category to the “market perform” category. On Tuesday, October 11th, Keefe, Bruyette & Woods increased their price objective on Palomar stock from $88.00 to $90.00 while simultaneously downgrading the stock from “outperform” to “market perform.” This brings us to our last point. Five analysts believe that investors should purchase the stock, while only three believe that investors should keep it in their portfolios. The website Bloomberg.com reports that the most common recommendation for the company is a “Moderate Buy” and that the stock’s consensus regarding the price target is $82.83 per share.
The price of PLMR decreased by $2.12 throughout Friday’s trading, bringing it to a total of $49.26. The typical number of shares traded in a single trading day is 171,791, so the number of times the stock was traded significantly decreased. The stock’s price-to-earnings ratio is currently sitting at 26.48, and the stock’s beta is currently at 0.06. The stock’s market value is currently sitting at $1.24 billion. The moving average price of the stock over the previous 200 days is $68.57, while the moving average price over the previous 50 days is $53.43. Palomar Holdings, Inc. saw its share price reach a low of $43.63 and a high of $95.20 over the previous year. These figures represent the low and high points, respectively.
The most recent quarterly earnings report for Palomar was released on November 2nd, and it can be found under the ticker symbol NASDAQ: PLMR on the NASDAQ stock market. The company’s earnings per share for the quarter came in at $0.29, which was $0.31 less than the average estimate of $0.60 that had been floating around among analysts. The company’s quarterly sales came in at $83.05 million, which is significantly lower than the consensus projection of $96.02 million that was made for the company’s sales. Palomar successfully generated a return on equity of 16.53% and a net margin of 16.06% during the period in question. The majority opinion of financial industry professionals is that Palomar Holdings, Inc. will be profitable during the current fiscal year, with earnings coming in at $2.46 per share.
Palomar Holdings, Inc. is a holding company that operates in the insurance industry. The company allows its clients to purchase specialty property insurance for both their commercial and residential properties. In addition to real estate investor policies, there are also residential and commercial property insurance products that fall under the category of specialty property insurance. These products include, but are not limited to, commercial flood coverage, assumed reinsurance coverage, and real estate mistake and omission coverage, amongst others.
