Champlain Investment Partners LLC Decreases Stock Position in Palomar Holdings, Inc. (NASDAQ:PLMR)

Champlain Investment Partners LLC trimmed its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 10.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,190,810 shares of the company’s stock after selling 142,495 shares during the quarter. Champlain Investment Partners LLC owned approximately 4.50% of Palomar worth $112,734,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock valued at $14,419,000 after buying an additional 167,435 shares during the last quarter. F M Investments LLC purchased a new position in Palomar in the 2nd quarter worth approximately $11,946,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Palomar by 214.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 165,685 shares of the company’s stock worth $13,445,000 after purchasing an additional 112,996 shares during the last quarter. Artemis Investment Management LLP grew its position in shares of Palomar by 36.1% in the second quarter. Artemis Investment Management LLP now owns 339,464 shares of the company’s stock valued at $27,548,000 after purchasing an additional 90,010 shares in the last quarter. Finally, Atlas Capital Advisors LLC increased its holdings in shares of Palomar by 167.7% in the second quarter. Atlas Capital Advisors LLC now owns 137,284 shares of the company’s stock valued at $11,141,000 after purchasing an additional 86,000 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palomar

In related news, President Jon Christianson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were 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 $4,901,814.40. This represents a 16.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,111 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.00, for a total transaction of $115,544.00. Following the sale, the chief financial officer now owns 16,432 shares in the company, valued at approximately $1,708,928. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,326 shares of company stock worth $3,632,779 in the last three months. 4.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on PLMR shares. Evercore ISI upped their target price on Palomar from $90.00 to $99.00 and gave the company an “in-line” rating in a report on Tuesday, August 6th. 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 report on Thursday, August 8th. Keefe, Bruyette & Woods boosted their target price on shares of Palomar from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their price target on shares of Palomar from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler upped their price objective on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $109.00.

Palomar Stock Performance

NASDAQ:PLMR opened at $108.32 on Friday. The stock has a market capitalization of $2.87 billion, a P/E ratio of 25.73 and a beta of 0.34. Palomar Holdings, Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $110.98. The company has a 50 day moving average price of $96.95 and a 200 day moving average price of $90.93.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same period last year, the business posted $0.80 earnings per share. Research analysts forecast that Palomar Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

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.