Fred Alger Management LLC Sells 41,482 Shares of Palomar Holdings, Inc. $PLMR

Fred Alger Management LLC lowered its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 19.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 176,316 shares of the company’s stock after selling 41,482 shares during the quarter. Fred Alger Management LLC’s holdings in Palomar were worth $23,760,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in Palomar by 3.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after buying an additional 82 shares during the period. Quadrant Capital Group LLC lifted its holdings in Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after buying an additional 88 shares during the period. Clearstead Advisors LLC lifted its holdings in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares during the period. California State Teachers Retirement System lifted its holdings in Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after buying an additional 97 shares during the period. Finally, Covestor Ltd lifted its holdings in Palomar by 11.7% during the fourth quarter. Covestor Ltd now owns 1,254 shares of the company’s stock worth $169,000 after buying an additional 131 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of analyst reports. Weiss Ratings lowered Palomar from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. JPMorgan Chase & Co. lowered their target price on Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Keefe, Bruyette & Woods lowered their target price on Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Four 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $147.75.

Palomar Stock Performance

Shares of PLMR opened at $114.07 on Wednesday. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $162.65. The stock has a fifty day moving average price of $117.41 and a 200-day moving average price of $122.69. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The firm has a market cap of $3.02 billion, a PE ratio of 15.89 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the business posted $1.87 EPS. The business’s revenue for the quarter was up 59.7% compared to the same quarter last year. Equities research analysts predict that Palomar Holdings, Inc. will post 8.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00. Following the completion of the sale, the chief executive officer owned 332,888 shares in the company, valued at approximately $38,079,058.32. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $128.62, for a total value of $249,136.94. Following the sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 18,634 shares of company stock valued at $2,318,111. Company insiders own 3.70% of the company’s stock.

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.