Palomar Holdings, Inc. $PLMR Shares Sold by Amundi

Key Points

• Amundi has reduced its holdings in Palomar Holdings, Inc. by 13.1%, owning approximately 34,193 shares valued at $4,893,000 after selling 5,151 shares in the first quarter.
• Palomar's stock has seen mixed ratings; while Evercore ISI raised its target price to $168.00, JPMorgan and Piper Sandler lowered theirs to $158.00 and $151.00, respectively.
• Insiders have sold 22,878 shares totaling over $3.2 million in the past 90 days, while 90.25% of the stock is now owned by institutional investors.

Amundi reduced its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 13.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 34,193 shares of the company's stock after selling 5,151 shares during the quarter. Amundi owned approximately 0.13% of Palomar worth $4,893,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PLMR. FJ Capital Management LLC raised its stake in Palomar by 9.4% during the first quarter. FJ Capital Management LLC now owns 23,518 shares of the company's stock worth $3,224,000 after acquiring an additional 2,012 shares during the period. Royal Bank of Canada grew its holdings in shares of Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company's stock valued at $406,000 after purchasing an additional 974 shares during the last quarter. Graham Capital Management L.P. bought a new position in shares of Palomar during the first quarter valued at approximately $836,000. New Vernon Investment Management LLC raised its position in shares of Palomar by 13.3% during the 1st quarter. New Vernon Investment Management LLC now owns 19,845 shares of the company's stock worth $2,720,000 after purchasing an additional 2,328 shares during the period. Finally, Evergreen Capital Management LLC lifted its holdings in shares of Palomar by 5.8% in the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock worth $305,000 after purchasing an additional 122 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Richard H. Taketa acquired 500 shares of the business's stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of $121.14 per share, for a total transaction of $60,570.00. Following the completion of the acquisition, the director directly owned 44,226 shares in the company, valued at $5,357,537.64. This represents a 1.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, President Jon Christianson sold 521 shares of the firm'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 transaction, the president directly owned 59,036 shares of the company's stock, valued at $7,091,994.68. This represents a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,878 shares of company stock worth $3,202,297. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Performance

Shares of NASDAQ:PLMR traded down $1.25 during trading on Tuesday, reaching $114.54. The company had a trading volume of 325,356 shares, compared to its average volume of 267,919. The firm's fifty day moving average is $127.01 and its 200 day moving average is $141.09. The firm has a market capitalization of $3.07 billion, a PE ratio of 20.13 and a beta of 0.34. Palomar Holdings, Inc. has a twelve month low of $85.00 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 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 business's revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter last year, the business earned $1.25 earnings per share. Equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PLMR shares. JPMorgan Chase & Co. dropped their target price on Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock 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 downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Evercore ISI upped their target price 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 research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.83.

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.