Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 25.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,210 shares of the company's stock after selling 9,443 shares during the quarter. Allianz Asset Management GmbH owned about 0.10% of Palomar worth $3,730,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PLMR. Kestra Private Wealth Services LLC purchased a new position in Palomar during the 1st quarter valued at approximately $967,000. Jackson Creek Investment Advisors LLC purchased a new position in Palomar during the 1st quarter valued at approximately $1,510,000. SBI Securities Co. Ltd. grew its holdings in Palomar by 761.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 620 shares of the company's stock valued at $85,000 after buying an additional 548 shares in the last quarter. Hohimer Wealth Management LLC grew its holdings in Palomar by 3.9% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after buying an additional 99 shares in the last quarter. Finally, Florida Financial Advisors LLC purchased a new position in Palomar during the 1st quarter valued at approximately $285,000. Institutional investors own 90.25% of the company's stock.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $140.10, for a total transaction of $700,500.00. Following the completion of the sale, the chief executive officer directly owned 382,388 shares in the company, valued at $53,572,558.80. This represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $143.10, for a total value of $71,550.00. Following the sale, the chief financial officer owned 6,920 shares of the company's stock, valued at $990,252. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,164 shares of company stock worth $3,061,089 in the last three months. 3.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PLMR shares. Piper Sandler lifted their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Truist Financial lifted their target price on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Evercore ISI lifted their target price on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Palomar Stock Down 1.9%

PLMR traded down $2.54 during trading hours on Friday, reaching $129.96. 130,298 shares of the company's stock traded hands, compared to its average volume of 272,975. The firm has a 50-day moving average price of $151.26 and a 200 day moving average price of $139.01. Palomar Holdings, Inc. has a 52-week low of $82.54 and a 52-week high of $175.85. The firm has a market capitalization of $3.48 billion, a PE ratio of 25.85 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.26. Palomar had a return on equity of 20.56% and a net margin of 21.99%. The business had revenue of $174.63 million during the quarter, compared to analysts' expectations of $161.97 million. During the same period in the prior year, the business earned $1.09 EPS. Equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

About Palomar

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.