Allspring Global Investments Holdings LLC Has $13.45 Million Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC lifted its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 214.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,685 shares of the company’s stock after purchasing an additional 112,996 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.66% of Palomar worth $13,445,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Artemis Investment Management LLP bought a new stake in Palomar in the 1st quarter valued at $20,904,000. Norges Bank acquired a new position in Palomar in the fourth quarter worth about $9,726,000. Stephens Investment Management Group LLC boosted its holdings in Palomar by 11.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,076,606 shares of the company’s stock valued at $59,752,000 after purchasing an additional 109,261 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Palomar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,363,067 shares of the company’s stock valued at $131,150,000 after purchasing an additional 85,329 shares during the period. Finally, Champlain Investment Partners LLC raised its holdings in shares of Palomar by 5.5% in the 1st quarter. Champlain Investment Partners LLC now owns 1,340,795 shares of the company’s stock worth $112,399,000 after buying an additional 69,615 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Price Performance

PLMR stock opened at $98.80 on Friday. The company has a 50 day moving average price of $88.91 and a 200 day moving average price of $82.89. Palomar Holdings, Inc. has a fifty-two week low of $48.08 and a fifty-two week high of $99.61. The stock has a market capitalization of $2.46 billion, a PE ratio of 28.39 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last released its earnings results on Monday, August 5th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.16. The company had revenue of $123.08 million during the quarter, compared to the consensus estimate of $338.74 million. Palomar had a return on equity of 20.83% and a net margin of 21.63%. The firm’s quarterly revenue was up 47.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.72 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 4.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of Palomar from $99.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Truist Financial boosted their target price on Palomar from $100.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Evercore ISI raised their price target on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $96.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. increased their target price on Palomar from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $80.32, for a total value of $80,320.00. Following the transaction, the chief financial officer now owns 24,094 shares of the company’s stock, valued at approximately $1,935,230.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction on Friday, June 21st. The stock was sold at an average price of $78.51, for a total transaction of $549,570.00. Following the completion of the sale, the chief executive officer now directly owns 454,388 shares of the company’s stock, valued at $35,674,001.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 1,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $80.32, for a total value of $80,320.00. Following the completion of the transaction, the chief financial officer now directly owns 24,094 shares in the company, valued at approximately $1,935,230.08. The disclosure for this sale can be found here. In the last three months, insiders sold 41,500 shares of company stock valued at $3,644,146. 4.30% of the stock is currently owned by insiders.

Palomar 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.