Peregrine Capital Management LLC Reduces Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Peregrine Capital Management LLC lowered its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 18.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,846 shares of the company's stock after selling 16,804 shares during the period. Peregrine Capital Management LLC owned 0.28% of Palomar worth $10,260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV grew its stake 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. Lisanti Capital Growth LLC purchased a new stake in Palomar in the first quarter valued at approximately $7,933,000. Artemis Investment Management LLP increased its holdings in Palomar by 17.0% in the 1st quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock worth $73,003,000 after buying an additional 77,472 shares during the period. Bessemer Group Inc. raised its position in Palomar by 714.5% during the 1st quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after buying an additional 93,352 shares during the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of Palomar in the 1st quarter valued at $916,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total value of $79,345.00. Following the sale, the chief financial officer directly owned 7,420 shares in the company, valued at approximately $1,177,479.80. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the business's stock in a transaction on 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 directly owned 387,388 shares of the company's stock, valued at $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. Insiders sold 21,702 shares of company stock valued at $3,347,574 over the last ninety days. Insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Truist Financial raised their price target on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Keefe, Bruyette & Woods decreased their price objective on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research report on Monday. Wall Street Zen upgraded Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Piper Sandler lifted their price target on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Palomar has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Trading Down 3.5%

PLMR traded down $5.16 on Wednesday, hitting $143.63. The company had a trading volume of 290,051 shares, compared to its average volume of 213,976. The company's fifty day moving average price is $158.35 and its 200 day moving average price is $134.14. Palomar Holdings, Inc. has a 1 year low of $79.82 and a 1 year high of $175.85. The firm has a market cap of $3.84 billion, a P/E ratio of 28.62 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The business had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the previous year, the firm earned $1.09 EPS. On average, analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.