Hsbc Holdings PLC Grows Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Hsbc Holdings PLC lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 43.1% in the 2nd quarter, Holdings Channel reports. The firm owned 12,889 shares of the company’s stock after acquiring an additional 3,879 shares during the period. Hsbc Holdings PLC’s holdings in Palomar were worth $1,044,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in Palomar by 15.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after buying an additional 66,478 shares in the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Palomar by 4.5% during the 2nd quarter. WINTON GROUP Ltd now owns 13,679 shares of the company’s stock worth $1,110,000 after acquiring an additional 590 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Palomar by 22.4% in the second quarter. Envestnet Asset Management Inc. now owns 30,870 shares of the company’s stock worth $2,505,000 after acquiring an additional 5,646 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Palomar by 73.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 4,872 shares of the company’s stock valued at $395,000 after acquiring an additional 2,065 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Palomar by 9.3% during the second quarter. Federated Hermes Inc. now owns 237,259 shares of the company’s stock valued at $19,254,000 after purchasing an additional 20,143 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Down 0.5 %

Shares of NASDAQ PLMR opened at $94.82 on Friday. The firm’s fifty day moving average is $94.12 and its 200 day moving average is $86.30. Palomar Holdings, Inc. has a 52 week low of $48.08 and a 52 week high of $100.29. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 27.25 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.16. The firm had revenue of $123.08 million for the quarter, compared to analysts’ expectations of $338.74 million. Palomar had a net margin of 21.63% and a return on equity of 20.83%. The company’s revenue for the quarter was up 47.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 earnings per share. Equities research analysts anticipate that Palomar Holdings, Inc. will post 4.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Evercore ISI increased their price objective on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a research report on Tuesday, August 6th. Piper Sandler increased their price target on shares of Palomar from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $96.00 to $113.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Truist Financial upped their price objective on shares of Palomar from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.33.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 12,773 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $88.19, for a total transaction of $1,126,450.87. Following the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at $5,230,460.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Palomar news, President Jon Christianson sold 10,000 shares of Palomar stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $94.40, for a total transaction of $944,000.00. Following the sale, the president now directly owns 51,926 shares of the company’s stock, valued at approximately $4,901,814.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 12,773 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $88.19, for a total value of $1,126,450.87. Following the completion of the transaction, the chief executive officer now directly owns 59,309 shares of the company’s stock, valued at approximately $5,230,460.71. The disclosure for this sale can be found here. Insiders have sold a total of 48,500 shares of company stock worth $4,464,266 in the last 90 days. Company insiders own 4.30% of the company’s stock.

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.