Allspring Global Investments Holdings LLC Sells 30,029 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC cut its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 15.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 169,255 shares of the company's stock after selling 30,029 shares during the period. Allspring Global Investments Holdings LLC owned about 0.64% of Palomar worth $17,667,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. CWM LLC boosted its stake in shares of Palomar by 31.7% in the 3rd quarter. CWM LLC now owns 2,109 shares of the company's stock valued at $200,000 after purchasing an additional 508 shares during the last quarter. Creative Planning boosted its stake in shares of Palomar by 23.2% in the 3rd quarter. Creative Planning now owns 3,240 shares of the company's stock valued at $307,000 after purchasing an additional 610 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in shares of Palomar by 83.8% in the 3rd quarter. Toth Financial Advisory Corp now owns 7,350 shares of the company's stock valued at $696,000 after purchasing an additional 3,350 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Palomar in the 3rd quarter valued at $25,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Palomar by 9,367.0% in the 3rd quarter. International Assets Investment Management LLC now owns 57,654 shares of the company's stock valued at $5,458,000 after purchasing an additional 57,045 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Jon Christianson sold 819 shares of the stock in a transaction dated Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total value of $86,699.34. Following the completion of the sale, the president now owns 55,126 shares in the company, valued at $5,835,638.36. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $103.04, for a total transaction of $721,280.00. Following the sale, the chief executive officer now owns 419,388 shares of the company's stock, valued at $43,213,739.52. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,933 shares of company stock worth $4,030,156. Insiders own 4.30% of the company's stock.

Palomar Trading Down 1.7 %

NASDAQ PLMR traded down $2.10 on Thursday, hitting $120.76. 288,595 shares of the company were exchanged, compared to its average volume of 172,133. The stock has a fifty day moving average of $108.67 and a 200-day moving average of $101.73. Palomar Holdings, Inc. has a 12 month low of $71.54 and a 12 month high of $128.38. The company has a market cap of $3.20 billion, a PE ratio of 26.96 and a beta of 0.38.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. On average, analysts expect that Palomar Holdings, Inc. will post 5.83 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Palomar from $112.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Piper Sandler upped their price objective on shares of Palomar from $133.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 14th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $93.00 to $100.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. JMP Securities reissued a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Palomar from $136.00 to $152.00 and gave the stock an "outperform" rating in a research note on Tuesday. 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $127.33.

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.