Allspring Global Investments Holdings LLC Decreases Stock Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC trimmed its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 10.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,848 shares of the company's stock after selling 18,407 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.56% of Palomar worth $20,898,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Artemis Investment Management LLP lifted its stake in Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after purchasing an additional 77,472 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Palomar by 714.5% during the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after buying an additional 93,352 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of Palomar during the 1st quarter worth approximately $916,000. Yorktown Management & Research Co Inc acquired a new stake in shares of Palomar during the 1st quarter worth approximately $274,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Palomar during the 1st quarter worth approximately $276,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PLMR. Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Evercore ISI lifted their target price on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a report on Monday, June 30th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $174.17.

Insiders Place Their Bets

In other Palomar news, insider Timothy Carter sold 473 shares of the business's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the transaction, the insider owned 361 shares in the company, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total transaction of $150,240.00. Following the completion of the transaction, the chief financial officer owned 8,172 shares of the company's stock, valued at approximately $1,227,761.28. This trade represents a 10.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,175 shares of company stock worth $3,420,251 over the last 90 days. Corporate insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded up $2.45 during trading on Friday, hitting $146.10. The company's stock had a trading volume of 247,177 shares, compared to its average volume of 216,363. The business has a 50 day moving average price of $158.02 and a two-hundred day moving average price of $134.69. The company has a market capitalization of $3.91 billion, a PE ratio of 29.16 and a beta of 0.46. Palomar Holdings, Inc. has a fifty-two week low of $79.82 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.61 by $0.26. The business had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same quarter in the previous year, the firm posted $1.09 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share 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.