Allspring Global Investments Holdings LLC Sells 18,407 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 PLMR. Smartleaf Asset Management LLC boosted its holdings in shares of Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after buying an additional 349 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after acquiring an additional 191 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Palomar by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 240,176 shares of the company's stock valued at $25,360,000 after acquiring an additional 9,624 shares during the period. Cookson Peirce & Co. Inc. boosted its stake in Palomar by 63.0% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 6,497 shares of the company's stock worth $686,000 after acquiring an additional 2,512 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Palomar by 5.7% during the fourth quarter. Arizona State Retirement System now owns 7,585 shares of the company's stock worth $801,000 after acquiring an additional 408 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total value of $150,240.00. Following the completion of the sale, the chief financial officer directly owned 8,172 shares of the company's stock, valued at approximately $1,227,761.28. This represents a 10.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $161.96, for a total value of $809,800.00. Following the transaction, the chief executive officer owned 392,388 shares in the company, valued at approximately $63,551,160.48. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,175 shares of company stock valued at $3,420,251 over the last 90 days. Insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of several research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday. Truist Financial increased their price objective on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research report on Tuesday, April 15th. Jefferies Financial Group boosted their target price on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Evercore ISI increased their price target on Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Price Performance

Shares of NASDAQ:PLMR traded up $2.45 during midday trading on Friday, hitting $146.10. 247,177 shares of the company's stock were exchanged, compared to its average volume of 215,883. Palomar Holdings, Inc. has a 12 month low of $79.82 and a 12 month high of $175.85. The company has a market cap of $3.91 billion, a PE ratio of 29.16 and a beta of 0.46. The stock has a 50 day moving average price of $158.04 and a 200-day moving average price of $134.44.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 20.56% and a net margin of 21.99%. During the same quarter in the previous year, the business earned $1.09 EPS. On average, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Palomar Company 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.