Allspring Global Investments Holdings LLC Acquires 33,599 Shares of Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC increased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 20.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,284 shares of the company's stock after purchasing an additional 33,599 shares during the period. Allspring Global Investments Holdings LLC owned 0.80% of Palomar worth $18,866,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company's stock worth $36,000 after purchasing an additional 125 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Palomar in the second quarter valued at $49,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Palomar during the 1st quarter valued at $59,000. Advisors Asset Management Inc. boosted its stake in shares of Palomar by 137.1% during the 1st quarter. Advisors Asset Management Inc. now owns 735 shares of the company's stock worth $62,000 after acquiring an additional 425 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Palomar by 29.0% in the 1st quarter. Covestor Ltd now owns 1,183 shares of the company's stock worth $99,000 after acquiring an additional 266 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Price Performance

PLMR traded down $2.85 during trading on Friday, reaching $91.72. 176,980 shares of the stock traded hands, compared to its average volume of 162,705. The stock's 50-day simple moving average is $96.13 and its two-hundred day simple moving average is $88.30. Palomar Holdings, Inc. has a fifty-two week low of $48.65 and a fifty-two week high of $103.40. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 26.36 and a beta of 0.33.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.16. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The business had revenue of $123.08 million during the quarter, compared to analyst estimates of $338.74 million. During the same period in the previous year, the company earned $0.72 EPS. The firm's revenue was up 47.0% on a year-over-year basis. Research analysts anticipate that Palomar Holdings, Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the transaction, the chief executive officer now directly owns 433,388 shares of the company's stock, valued at $41,726,596.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO T Christopher Uchida sold 1,030 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total value of $100,579.50. Following the completion of the sale, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the transaction, the chief executive officer now owns 433,388 shares in the company, valued at $41,726,596.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,520 shares of company stock worth $3,626,486 over the last ninety days. 4.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PLMR shares. Jefferies Financial Group increased their price target on Palomar from $110.00 to $113.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $96.00 to $113.00 and gave the company an "outperform" rating in a research note on Tuesday, August 13th. Evercore ISI raised their target price on Palomar from $90.00 to $99.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on Palomar from $88.00 to $91.00 and gave the company a "neutral" rating in a research report on Thursday, July 11th. Finally, Piper Sandler increased their price objective on Palomar from $99.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $105.50.

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.