Palomar Holdings, Inc. $PLMR Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC increased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 652.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 17,613 shares of the company’s stock after buying an additional 15,273 shares during the period. HighTower Advisors LLC’s holdings in Palomar were worth $2,374,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Palomar by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after acquiring an additional 67,038 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of 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. Westfield Capital Management Co. LP grew its position in shares of Palomar by 81.0% during 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 period. Stephens Investment Management Group LLC grew its position in shares of Palomar by 19.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock valued at $93,566,000 after acquiring an additional 114,859 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Palomar by 1.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 596,050 shares of the company’s stock valued at $69,584,000 after acquiring an additional 9,731 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Stock Performance

PLMR stock opened at $107.04 on Monday. 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 business’s 50-day moving average is $119.82 and its 200 day moving average is $124.18. Palomar Holdings, Inc. has a 12-month low of $105.51 and a 12-month high of $175.85. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 14.91 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same period last year, the company posted $1.87 EPS. The business’s revenue was up 59.7% on a year-over-year basis. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 8.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total value of $375,000.00. Following the transaction, the president directly owned 62,919 shares of the company’s stock, valued at $7,864,875. This trade represents a 4.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $120.58, for a total transaction of $422,030.00. Following the completion of the transaction, the chief executive officer directly owned 339,888 shares in the company, valued at $40,983,695.04. This trade represents a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 18,634 shares of company stock worth $2,318,111 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PLMR. Piper Sandler dropped their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Weiss Ratings cut Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Evercore started coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price objective on the stock. Finally, Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.75.

Palomar 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.