GSA Capital Partners LLP Makes New $1.45 Million Investment in Palomar Holdings, Inc. $PLMR

GSA Capital Partners LLP acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) in the third quarter, Holdings Channel reports. The fund acquired 12,426 shares of the company’s stock, valued at approximately $1,451,000.

Several other hedge funds also recently made changes to their positions in the business. Salomon & Ludwin LLC bought a new stake in shares of Palomar in the third quarter valued at approximately $25,000. Richardson Financial Services Inc. lifted its position in shares of Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after acquiring an additional 147 shares during the period. Allworth Financial LP lifted its position in shares of Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after acquiring an additional 197 shares during the period. Hollencrest Capital Management grew its holdings in shares of Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock worth $48,000 after purchasing an additional 113 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Palomar by 556.9% in the second quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after purchasing an additional 284 shares during the period. 90.25% of the stock is owned by institutional investors.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of Palomar stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the sale, the chief executive officer directly owned 91,737 shares in the company, valued at $10,997,431.56. This trade represents a 11.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the transaction, the chief financial officer owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. This trade represents a 15.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 62,413 shares of company stock valued at $7,664,458 in the last ninety days. 3.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Evercore began coverage on shares of Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $162.17.

Palomar Stock Performance

Shares of PLMR opened at $129.99 on Wednesday. Palomar Holdings, Inc. has a 52 week low of $107.75 and a 52 week high of $175.85. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 18.10 and a beta of 0.44. The stock has a fifty day moving average of $129.31 and a 200-day moving average of $123.14.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The business had revenue of $492.63 million for the quarter, compared to analyst estimates of $204.58 million. During the same quarter in the previous year, the company posted $1.52 EPS. Palomar’s quarterly revenue was up 62.7% compared to the same quarter last year. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.