Allspring Global Investments Holdings LLC Boosts Stake in Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 20.3% in the 3rd quarter, Holdings Channel reports. The firm owned 199,284 shares of the company’s stock after purchasing an additional 33,599 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Palomar were worth $18,866,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of Palomar by 48.6% during the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after buying an additional 125 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Palomar during the 2nd quarter worth approximately $49,000. DekaBank Deutsche Girozentrale purchased a new position in Palomar in the 1st quarter valued at approximately $59,000. Advisors Asset Management Inc. boosted its position in Palomar by 137.1% in the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company’s stock valued at $62,000 after buying an additional 425 shares during the period. Finally, Covestor Ltd boosted its position in Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company’s stock valued at $99,000 after buying an additional 266 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Price Performance

Shares of PLMR opened at $94.57 on Friday. The firm’s 50 day moving average is $96.19 and its 200-day moving average is $88.20. The stock has a market capitalization of $2.37 billion, a P/E ratio of 24.95 and a beta of 0.33. Palomar Holdings, Inc. has a 12-month low of $48.65 and a 12-month high of $103.40.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.16. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The business had revenue of $123.08 million for the quarter, compared to the consensus estimate of $338.74 million. During the same period last year, the firm posted $0.72 earnings per share. The firm’s quarterly revenue was up 47.0% compared to the same quarter last year. As a group, equities research analysts forecast that Palomar Holdings, Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the sale, the chief executive officer now directly owns 440,388 shares in the company, valued at $42,052,650.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Palomar news, President Jon Christianson sold 3,805 shares of Palomar stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $103.04, for a total value of $392,067.20. Following the completion of the sale, the president now directly owns 51,926 shares in the company, valued at $5,350,455.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.49, for a total transaction of $668,430.00. Following the completion of the sale, the chief executive officer now owns 440,388 shares of the company’s stock, valued at $42,052,650.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,520 shares of company stock valued at $3,626,486. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of analyst reports. Truist Financial raised their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on shares of Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Jefferies Financial Group increased their price target on shares of Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler upped their price objective on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI raised their target price on shares of Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $105.50.

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.