Emerald Advisers LLC lowered its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 298,359 shares of the company’s stock after selling 3,605 shares during the period. Palomar comprises about 1.1% of Emerald Advisers LLC’s investment portfolio, making the stock its 24th biggest holding. Emerald Advisers LLC owned approximately 1.13% of Palomar worth $35,654,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Diversify Wealth Management LLC purchased a new stake in shares of Palomar during the first quarter worth about $1,054,000. Fifth Third Bancorp raised its position in Palomar by 4,780.8% during the 1st quarter. Fifth Third Bancorp now owns 7,126 shares of the company’s stock valued at $852,000 after purchasing an additional 6,980 shares during the last quarter. SkyOak Wealth LLC bought a new position in Palomar during the 1st quarter valued at approximately $238,000. Stephens Investment Management Group LLC lifted its holdings in Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock worth $85,432,000 after buying an additional 20,597 shares during the period. Finally, Hunter Associates Investment Management LLC lifted its holdings in Palomar by 6.4% in the 1st quarter. Hunter Associates Investment Management LLC now owns 21,567 shares of the company’s stock worth $2,585,000 after buying an additional 1,300 shares during the period. Institutional investors own 90.25% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on PLMR shares. Keefe, Bruyette & Woods boosted their target price on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. JPMorgan Chase & Co. cut their price target on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Evercore set a $152.00 price objective on shares of Palomar in a research report on Friday. Finally, Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Palomar has an average rating of “Moderate Buy” and a consensus target price of $150.00.
Palomar Stock Performance
Palomar stock opened at $139.58 on Tuesday. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $147.62. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.70 billion, a P/E ratio of 19.44 and a beta of 0.41. The stock’s 50 day moving average is $117.53 and its 200 day moving average is $123.17.
Palomar (NASDAQ:PLMR – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same quarter in the previous year, the business earned $1.87 earnings per share. The firm’s quarterly revenue was up 59.7% compared to the same quarter last year. On average, equities research analysts predict that Palomar Holdings, Inc. will post 8.93 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00. Following the sale, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the sale, the president owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,977 shares of company stock worth $2,933,488 over the last three months. 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.
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