Champlain Investment Partners LLC Lowers Holdings in Palomar Holdings, Inc. (NASDAQ:PLMR)

Champlain Investment Partners LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 31.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 821,520 shares of the company’s stock after selling 369,290 shares during the period. Champlain Investment Partners LLC owned about 3.10% of Palomar worth $86,744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PLMR. Dakota Wealth Management lifted its position in shares of Palomar by 3.1% in the 4th quarter. Dakota Wealth Management now owns 3,070 shares of the company’s stock worth $324,000 after purchasing an additional 92 shares during the period. Farther Finance Advisors LLC lifted its holdings in Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after buying an additional 99 shares during the period. State of Alaska Department of Revenue boosted its position in Palomar by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 15,042 shares of the company’s stock valued at $1,588,000 after acquiring an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Palomar by 0.8% in the 4th quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the company’s stock valued at $1,352,000 after acquiring an additional 100 shares during the period. Finally, Avantax Advisory Services Inc. raised its position in shares of Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after acquiring an additional 145 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 1,030 shares of Palomar stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $109.65, for a total transaction of $112,939.50. Following the completion of the transaction, the chief financial officer now directly owns 16,258 shares in the company, valued at approximately $1,782,689.70. This trade represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total value of $768,320.00. Following the completion of the sale, the chief executive officer now owns 412,388 shares in the company, valued at approximately $45,263,706.88. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,943 shares of company stock worth $3,221,024. 4.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

PLMR has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded Palomar from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. JMP Securities reissued a “market perform” rating on shares of Palomar in a research report on Thursday, February 13th. Keefe, Bruyette & Woods cut their price target on shares of Palomar from $155.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Jefferies Financial Group increased their price objective on Palomar from $145.00 to $168.00 and gave the company a “buy” rating in a report on Friday, April 11th. Finally, Piper Sandler boosted their target price on Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.33.

Palomar Price Performance

Shares of PLMR opened at $150.44 on Thursday. The company’s fifty day moving average price is $130.96 and its 200-day moving average price is $112.67. Palomar Holdings, Inc. has a 1-year low of $75.49 and a 1-year high of $155.87. The firm has a market capitalization of $4.01 billion, a PE ratio of 33.58 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

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.