Hsbc Holdings PLC Trims Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Hsbc Holdings PLC lessened its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 35.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,401 shares of the company's stock after selling 4,628 shares during the period. Hsbc Holdings PLC's holdings in Palomar were worth $887,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PLMR. American Century Companies Inc. boosted its position in shares of Palomar by 36.6% during the 4th quarter. American Century Companies Inc. now owns 785,419 shares of the company's stock valued at $82,932,000 after acquiring an additional 210,523 shares during the last quarter. Norges Bank bought a new stake in Palomar during the fourth quarter valued at approximately $20,637,000. Atlas Capital Advisors Inc. increased its holdings in shares of Palomar by 175.5% in the 4th quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company's stock worth $14,918,000 after buying an additional 90,000 shares during the last quarter. Artemis Investment Management LLP raised its position in shares of Palomar by 18.7% during the 4th quarter. Artemis Investment Management LLP now owns 455,082 shares of the company's stock valued at $48,052,000 after buying an additional 71,806 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Palomar by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock worth $271,886,000 after acquiring an additional 53,123 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 552 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the sale, the chief financial officer now directly owns 15,683 shares of the company's stock, valued at approximately $1,933,086.58. This represents a 3.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 3,202 shares of Palomar stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total transaction of $490,034.08. Following the completion of the transaction, the chief executive officer now directly owns 70,186 shares of the company's stock, valued at $10,741,265.44. This trade represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,254 shares of company stock worth $2,443,484 in the last three months. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Performance

PLMR stock traded up $3.28 on Thursday, reaching $160.10. The company's stock had a trading volume of 378,889 shares, compared to its average volume of 195,152. The business has a fifty day simple moving average of $139.71 and a two-hundred day simple moving average of $118.21. The firm has a market cap of $4.28 billion, a PE ratio of 35.74 and a beta of 0.51. Palomar Holdings, Inc. has a 12-month low of $77.28 and a 12-month high of $163.78.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.26. The company had revenue of $174.63 million for the quarter, compared to analysts' expectations of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter in the previous year, the company earned $1.09 earnings per share. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on PLMR shares. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. JMP Securities reiterated a "market perform" rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Finally, Jefferies Financial Group raised their price objective on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $148.33.

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.