Palomar Holdings, Inc. $PLMR Holdings Lowered by Blair William & Co. IL

Key Points

• Blair William & Co. IL has reduced its stake in Palomar Holdings by 8.6% during the 2nd quarter, now holding 126,839 shares valued at approximately $19.57 million.
• Several hedge funds, including Nuveen LLC and Bessemer Group Inc., have significantly increased their holdings in Palomar, indicating a strong interest from institutional investors.
• Palomar’s stock has seen analysts downgrade their ratings and price targets, with a consensus rating of "Moderate Buy" and an average target price of $156.67.

Blair William & Co. IL trimmed its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 8.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,839 shares of the company's stock after selling 11,952 shares during the period. Blair William & Co. IL owned about 0.47% of Palomar worth $19,565,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PLMR. Nuveen LLC purchased a new stake in shares of Palomar during the first quarter valued at $26,084,000. Alliancebernstein L.P. raised its position in Palomar by 322.4% during the first quarter. Alliancebernstein L.P. now owns 127,383 shares of the company's stock valued at $17,462,000 after buying an additional 97,226 shares during the period. Bessemer Group Inc. raised its position in Palomar by 714.5% during the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock valued at $14,587,000 after buying an additional 93,352 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 buying an additional 77,472 shares during the period. Finally, Cerity Partners LLC raised its position in Palomar by 2,825.6% during the first quarter. Cerity Partners LLC now owns 70,449 shares of the company's stock valued at $9,657,000 after buying an additional 68,041 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other news, insider Jonathan Knutzen sold 281 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $120.13, for a total transaction of $33,756.53. Following the completion of the sale, the insider owned 21,210 shares in the company, valued at approximately $2,547,957.30. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 521 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $120.13, for a total value of $62,587.73. Following the sale, the president owned 59,036 shares of the company's stock, valued at approximately $7,091,994.68. This trade represents a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,905 shares of company stock worth $2,839,676 in the last 90 days. Insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

PLMR has been the topic of several recent analyst reports. Evercore ISI dropped their price target on Palomar from $168.00 to $134.00 and set an "in-line" rating on the stock in a research report on Wednesday, October 1st. Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. dropped their price target on Palomar from $158.00 to $137.00 and set an "overweight" rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods dropped their target price on Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Finally, Piper Sandler dropped their target price on Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $156.67.

Palomar Price Performance

Shares of PLMR stock opened at $118.07 on Friday. Palomar Holdings, Inc. has a fifty-two week low of $85.00 and a fifty-two week high of $175.85. The stock's 50-day moving average is $119.53 and its two-hundred day moving average is $139.26. The firm has a market cap of $3.16 billion, a P/E ratio of 20.75 and a beta of 0.30.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $65.74 million during the quarter. Palomar had a return on equity of 20.35% and a net margin of 22.71%. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current 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.

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