Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Update

Palomar Holdings, Inc. (NASDAQ:PLMR) saw a significant increase in short interest during the month of February. As of February 13th, there was short interest totaling 568,369 shares, an increase of 33.6% from the January 29th total of 425,364 shares. Currently, 2.2% of the company’s stock are sold short. Based on an average daily trading volume, of 390,313 shares, the short-interest ratio is currently 1.5 days. Based on an average daily trading volume, of 390,313 shares, the short-interest ratio is currently 1.5 days. Currently, 2.2% of the company’s stock are sold short.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 11,484 shares of the firm’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the transaction, the chief executive officer directly owned 91,737 shares in the company, valued at approximately $10,997,431.56. This trade represents a 11.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 2,103 shares of Palomar stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $252,107.64. Following the transaction, the chief financial officer directly owned 11,473 shares in the company, valued at $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,999 shares of company stock valued at $7,253,229 over the last 90 days. Insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in shares of Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after purchasing an additional 974 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Palomar by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after buying an additional 791 shares during the period. NewEdge Advisors LLC bought a new stake in Palomar in the 1st quarter worth $66,000. United Services Automobile Association purchased a new position in shares of Palomar in the first quarter valued at about $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Palomar by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after acquiring an additional 7,754 shares during the period. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 2.3%

Shares of Palomar stock traded up $2.89 on Monday, hitting $126.60. 185,348 shares of the company traded hands, compared to its average volume of 275,414. The firm’s 50-day simple moving average is $128.35 and its 200 day simple moving average is $123.25. Palomar has a 12-month low of $107.75 and a 12-month high of $175.85. The company has a market cap of $3.38 billion, a P/E ratio of 17.63 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) 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 firm had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same period in the prior year, the business earned $1.52 EPS. The company’s revenue for the quarter was up 62.7% compared to the same quarter last year. Analysts predict that Palomar will post 5.99 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on PLMR. Keefe, Bruyette & Woods raised their price target 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. Evercore initiated coverage on shares of Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price target for the company. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, JPMorgan Chase & Co. increased their target price on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $163.00.

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.