Palomar Holdings, Inc. $PLMR Shares Sold by Champlain Investment Partners LLC

Key Points

• Champlain Investment Partners LLC has reduced its holdings in Palomar Holdings by 26.5%, now owning 603,875 shares valued at approximately $82.8 million.
• Recent analyst ratings indicate mixed sentiment, with JPMorgan lowering its price target from $170 to $158, while Evercore increased its target from $163 to $168.
• Palomar Holdings reported an EPS of $1.76 for the last quarter, beating estimates and achieving a revenue increase of 47.6% year-over-year.

Champlain Investment Partners LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 26.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 603,875 shares of the company's stock after selling 217,645 shares during the quarter. Champlain Investment Partners LLC owned approximately 2.26% of Palomar worth $82,779,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in shares of Palomar by 185.3% in 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. Opal Wealth Advisors LLC acquired a new position in shares of Palomar in the 1st quarter valued at $46,000. TCTC Holdings LLC boosted its holdings in shares of Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after purchasing an additional 205 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Palomar in the 1st quarter valued at $53,000. Finally, USA Financial Formulas acquired a new position in shares of Palomar in the 1st quarter valued at $55,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PLMR. JPMorgan Chase & Co. decreased their price target 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. Evercore ISI increased their price target on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler lowered their price target on Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their price target on Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Wall Street Zen downgraded Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and a consensus price target of $165.83.

Palomar Price Performance

Shares of PLMR stock opened at $121.93 on Wednesday. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The firm has a market capitalization of $3.27 billion, a P/E ratio of 21.43 and a beta of 0.44. The company's fifty day moving average price is $136.06 and its two-hundred day moving average price is $141.06.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.68 by $0.08. The business 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 20.35%. The company's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, President Jon Christianson sold 521 shares of the company's stock in a transaction dated Monday, August 18th. The shares were 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 in the company, valued at approximately $7,091,994.68. This represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan Knutzen sold 281 shares of the company's stock in a transaction dated Monday, August 18th. The shares were 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 trade represents a 1.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,878 shares of company stock worth $3,202,297. Company insiders own 3.70% of the company's stock.

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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