Federated Hermes Inc. Lowers Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Key Points

• Federated Hermes Inc. sold 3,754 shares of Palomar Holdings, reducing its stake to 370,769 shares, which is about 1.39% of the company worth approximately $50.8 million.
• Palomar's CEO Mac Armstrong sold 5,000 shares at $161.96, translating to a total of $809,800, resulting in a 1.26% decrease in his position.
• Equities analysts have issued mixed ratings for Palomar, with the stock price targets adjusting to between $150.00 and $204.00, indicating a general consensus still leaning towards a "Moderate Buy" rating.

Federated Hermes Inc. lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 1.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 370,769 shares of the company's stock after selling 3,754 shares during the quarter. Federated Hermes Inc. owned about 1.39% of Palomar worth $50,825,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Palomar by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after purchasing an additional 53,123 shares during the period. Geode Capital Management LLC boosted its stake in shares of Palomar by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after buying an additional 18,748 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Palomar by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock worth $59,313,000 after acquiring an additional 17,320 shares during the period. Artemis Investment Management LLP raised its position in Palomar by 17.0% during the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after acquiring an additional 77,472 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Palomar by 39.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 432,060 shares of the company's stock valued at $45,622,000 after acquiring an additional 122,057 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $158.69, for a total value of $79,345.00. Following the completion of the sale, the chief financial officer owned 7,420 shares of the company's stock, valued at $1,177,479.80. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Timothy Carter sold 473 shares of Palomar stock in a transaction that occurred on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider directly owned 361 shares in the company, valued at approximately $55,467.65. The trade was a 56.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,164 shares of company stock valued at $3,061,089 over the last ninety days. Company insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PLMR. Evercore ISI upped their price objective on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research report on Friday, May 30th. Truist Financial upped their price target on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. 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 report on Tuesday, April 8th. Piper Sandler upped their target price on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their target price on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research report on Monday, June 30th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

Palomar Stock Performance

Shares of PLMR stock traded down $2.87 during trading hours on Friday, reaching $129.62. The company had a trading volume of 398,723 shares, compared to its average volume of 307,388. Palomar Holdings, Inc. has a 12-month low of $82.54 and a 12-month high of $175.85. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 25.05 and a beta of 0.44. The stock has a fifty day moving average of $151.26 and a 200-day moving average of $139.01.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating 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 company 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. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar 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.