Allspring Global Investments Holdings LLC Invests $4.42 Million in Palomar Holdings, Inc. (NASDAQ:PLMR)

Allspring Global Investments Holdings LLC purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 52,689 shares of the company’s stock, valued at approximately $4,417,000.

A number of other hedge funds also recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in shares of Palomar by 14.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after purchasing an additional 52,659 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of Palomar by 174.7% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after acquiring an additional 12,157 shares during the period. Westfield Capital Management Co. LP lifted its holdings in shares of Palomar by 6.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock worth $25,560,000 after acquiring an additional 27,199 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Palomar by 375,455.6% during the 4th quarter. International Assets Investment Management LLC now owns 33,800 shares of the company’s stock worth $1,876,000 after purchasing an additional 33,791 shares during the period. Finally, Stephens Investment Management Group LLC grew its holdings in Palomar by 11.3% during the 4th 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 during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 0.5 %

Shares of PLMR stock traded up $0.38 on Tuesday, hitting $83.58. The stock had a trading volume of 9,035 shares, compared to its average volume of 159,585. Palomar Holdings, Inc. has a one year low of $48.08 and a one year high of $89.22. The business has a 50 day moving average price of $82.47 and a 200 day moving average price of $73.73. The company has a market cap of $2.08 billion, a PE ratio of 23.91 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The business had revenue of $108.39 million during the quarter, compared to analyst estimates of $322.10 million. During the same quarter in the previous year, the business posted $0.80 EPS. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. Equities research analysts expect that Palomar Holdings, Inc. will post 4.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PLMR. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 29th. Truist Financial boosted their price objective on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Piper Sandler reissued an “overweight” rating and set a $99.00 target price (up from $90.00) on shares of Palomar in a research note on Wednesday, May 29th. JPMorgan Chase & Co. cut shares of Palomar from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $79.00 to $85.00 in a report on Monday, April 8th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.83.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $80.03, for a total transaction of $560,210.00. Following the sale, the chief executive officer now owns 468,388 shares of the company’s stock, valued at approximately $37,485,091.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $80.03, for a total value of $560,210.00. Following the sale, the chief executive officer now directly owns 468,388 shares in the company, valued at approximately $37,485,091.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO T Christopher Uchida sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $89.00, for a total transaction of $111,250.00. Following the transaction, the chief financial officer now owns 24,094 shares of the company’s stock, valued at approximately $2,144,366. The disclosure for this sale can be found here. Insiders sold 29,250 shares of company stock valued at $2,355,740 over the last 90 days. Corporate 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.