Hsbc Holdings PLC Sells 4,488 Shares of Palomar Holdings, Inc. $PLMR

Hsbc Holdings PLC decreased its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 53.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,913 shares of the company’s stock after selling 4,488 shares during the period. Hsbc Holdings PLC’s holdings in Palomar were worth $537,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PLMR. Nisa Investment Advisors LLC raised its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company’s stock valued at $43,000 after buying an additional 202 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Palomar during the first quarter valued at approximately $46,000. TCTC Holdings LLC raised its position in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock valued at $52,000 after buying an additional 205 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Palomar during the first quarter valued at approximately $53,000. Finally, USA Financial Formulas bought a new stake in shares of Palomar during the first quarter valued at approximately $55,000. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of PLMR stock opened at $123.02 on Tuesday. Palomar Holdings, Inc. has a 1 year low of $85.00 and a 1 year high of $175.85. The stock’s 50 day simple moving average is $133.42 and its two-hundred day simple moving average is $141.44. The company has a market cap of $3.29 billion, a PE ratio of 21.62 and a beta of 0.34.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.68 by $0.08. The company had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. Palomar had a net margin of 22.71% and a return on equity of 20.35%. Palomar’s quarterly revenue was up 47.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 earnings per share. Equities research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Palomar from $170.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Palomar from $204.00 to $172.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Piper Sandler cut their target price on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a report on Wednesday, August 6th. Finally, Evercore ISI raised their target price on shares of Palomar from $163.00 to $168.00 and gave the company an “in-line” rating in a report on Friday, May 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.83.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 521 shares of Palomar stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the transaction, the president directly owned 59,036 shares of the company’s stock, valued at $7,091,994.68. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Rodolphe Herve sold 1,130 shares of Palomar stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $130.10, for a total transaction of $147,013.00. Following the transaction, the chief operating officer directly owned 807 shares of the company’s stock, valued at $104,990.70. The trade was a 58.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,878 shares of company stock valued at $3,202,297 over the last three months. Corporate insiders own 3.70% of the company’s stock.

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.