Palomar Holdings, Inc. (NASDAQ:PLMR) Shares Sold by Blair William & Co. IL

Key Points

• Blair William & Co. IL reduced its holdings in Palomar Holdings, Inc. by 2.8% in the first quarter, now owning approximately 0.52% of the company valued at $19 million.
• Palomar's recent quarterly earnings report revealed $1.76 earnings per share, surpassing analysts' expectations of $1.68, with a revenue increase of 47.6% year-over-year.
• Institutional investors hold 90.25% of Palomar's stock, reflecting strong interest in the company, while analysts have rated it a "Moderate Buy" with a consensus target price of $174.17.

Blair William & Co. IL lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,791 shares of the company's stock after selling 3,944 shares during the period. Blair William & Co. IL owned approximately 0.52% of Palomar worth $19,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. LPL Financial LLC increased its holdings in Palomar by 6.7% in the fourth quarter. LPL Financial LLC now owns 3,082 shares of the company's stock valued at $325,000 after buying an additional 194 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Palomar by 37.8% in the fourth quarter. JPMorgan Chase & Co. now owns 176,561 shares of the company's stock valued at $18,643,000 after buying an additional 48,396 shares in the last quarter. Norges Bank purchased a new position in Palomar in the fourth quarter valued at $20,637,000. Pictet Asset Management Holding SA increased its holdings in Palomar by 46.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,968 shares of the company's stock valued at $419,000 after buying an additional 1,256 shares in the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new position in Palomar in the fourth quarter valued at $246,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Palomar Price Performance

PLMR traded down $19.27 on Tuesday, reaching $112.26. 976,901 shares of the company's stock were exchanged, compared to its average volume of 335,541. The stock has a market cap of $3.00 billion, a PE ratio of 19.73 and a beta of 0.44. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85. The stock's fifty day moving average price is $148.95 and its 200-day moving average price is $139.58.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 21.08%. Palomar's quarterly revenue was up 47.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 earnings per share. As a group, research analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PLMR. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Truist Financial lifted their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Evercore ISI lifted their price objective 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. Piper Sandler lifted their target price on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Finally, Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total value of $809,800.00. Following the completion of the sale, the chief executive officer directly owned 392,388 shares of the company's stock, valued at $63,551,160.48. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Timothy Carter sold 473 shares of the firm's stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the sale, the insider directly owned 361 shares of the company's stock, valued at $55,467.65. This trade represents a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,294 shares of company stock valued at $3,208,102. Insiders own 3.70% of the company's stock.

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.