Hsbc Holdings PLC Sells 4,488 Shares of Palomar Holdings, Inc. $PLMR

Hsbc Holdings PLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 53.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,913 shares of the company's stock after selling 4,488 shares during the period. Hsbc Holdings PLC's holdings in Palomar were worth $537,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. KBC Group NV lifted its holdings in Palomar by 9.1% during the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after purchasing an additional 95 shares during the last quarter. Hohimer Wealth Management LLC lifted 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 purchasing an additional 99 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Palomar by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock valued at $325,000 after purchasing an additional 190 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after purchasing an additional 202 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Palomar by 3.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,369 shares of the company's stock valued at $736,000 after purchasing an additional 204 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Up 2.5%

Palomar stock traded up $3.09 during midday trading on Thursday, hitting $126.24. 227,922 shares of the stock were exchanged, compared to its average volume of 293,810. The company has a fifty day simple moving average of $132.10 and a two-hundred day simple moving average of $141.18. Palomar Holdings, Inc. has a 52 week low of $85.00 and a 52 week high of $175.85. The stock has a market capitalization of $3.38 billion, a PE ratio of 22.19 and a beta of 0.34.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $496.29 million for the quarter, compared to analyst estimates of $173.86 million. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The business's revenue was up 47.6% on a year-over-year basis. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLMR. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. JPMorgan Chase & Co. lowered their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Piper Sandler lowered their price target on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Evercore ISI lifted their price target 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. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $165.83.

Insider Transactions at Palomar

In related news, COO Rodolphe Herve sold 1,130 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $130.10, for a total transaction of $147,013.00. Following the completion of the transaction, the chief operating officer directly owned 807 shares in the company, valued at approximately $104,990.70. This trade represents a 58.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $158.14, for a total value of $790,700.00. Following the transaction, the chief executive officer owned 387,388 shares of the company's stock, valued at approximately $61,261,538.32. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,878 shares of company stock valued at $3,202,297. 3.70% of the stock is currently owned by insiders.

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.