Vanguard Group Inc. Acquires 67,038 Shares of Palomar Holdings, Inc. $PLMR

Vanguard Group Inc. increased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,698,278 shares of the company’s stock after purchasing an additional 67,038 shares during the quarter. Vanguard Group Inc. owned 0.10% of Palomar worth $363,620,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Alliancebernstein L.P. grew its stake in shares of Palomar by 290.2% during the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after buying an additional 369,697 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Palomar by 81.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock valued at $86,223,000 after acquiring an additional 330,592 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after acquiring an additional 328,993 shares during the period. Orion Porfolio Solutions LLC grew its position in Palomar by 2,753.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 180,491 shares of the company’s stock worth $27,841,000 after acquiring an additional 174,165 shares during the last quarter. Finally, Freestone Grove Partners LP grew its position in Palomar by 128.2% during the 3rd quarter. Freestone Grove Partners LP now owns 225,517 shares of the company’s stock worth $26,329,000 after acquiring an additional 126,689 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Palomar Stock Down 0.9%

NASDAQ:PLMR opened at $110.75 on Thursday. The firm’s fifty day simple moving average is $123.41 and its 200 day simple moving average is $124.68. The stock has a market cap of $2.94 billion, a P/E ratio of 15.42 and a beta of 0.49. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to analyst estimates of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company’s revenue for the quarter was up 62.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.52 EPS. On average, analysts expect that Palomar Holdings, Inc. will post 8.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of analyst reports. Evercore began coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective for the company. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 22nd. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. increased their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Finally, Zacks Research upgraded Palomar from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $161.75.

Insider Activity at Palomar

In other news, President Jon Christianson sold 1,937 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total value of $249,136.94. Following the completion of the transaction, the president owned 65,919 shares of the company’s stock, valued at approximately $8,478,501.78. This represents a 2.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO T Christopher Uchida sold 783 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the transaction, the chief financial officer owned 14,752 shares of the company’s stock, valued at approximately $1,888,846.08. The trade was a 5.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 21,720 shares of company stock valued at $2,733,817. 3.70% of the stock is currently owned by corporate insiders.

About Palomar

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.