State of New Jersey Common Pension Fund D Increases Stock Position in Palomar Holdings, Inc. $PLMR

State of New Jersey Common Pension Fund D grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 43.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,766 shares of the company’s stock after purchasing an additional 5,055 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Palomar were worth $1,957,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Principal Financial Group Inc. increased its holdings in Palomar by 14.0% in the third quarter. Principal Financial Group Inc. now owns 182,255 shares of the company’s stock valued at $21,278,000 after buying an additional 22,346 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Palomar by 93.7% in the 2nd quarter. Osaic Holdings Inc. now owns 19,370 shares of the company’s stock worth $2,933,000 after acquiring an additional 9,371 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Palomar in the 3rd quarter valued at approximately $1,459,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Palomar by 11.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,172 shares of the company’s stock valued at $53,258,000 after purchasing an additional 45,665 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in Palomar by 41.1% during the third quarter. Bessemer Group Inc. now owns 153,683 shares of the company’s stock worth $17,943,000 after purchasing an additional 44,745 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Palomar news, CFO T Christopher Uchida sold 783 shares of Palomar 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 sale, the chief financial officer directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Angela L. Grant sold 260 shares of the business’s stock in a transaction on Saturday, January 31st. The shares were sold at an average price of $121.75, for a total value of $31,655.00. Following the completion of the transaction, the insider owned 7,033 shares of the company’s stock, valued at $856,267.75. This trade represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,999 shares of company stock valued at $7,253,229 in the last 90 days. Insiders own 3.70% of the company’s stock.

Palomar Trading Up 0.6%

Palomar stock opened at $121.68 on Thursday. The stock has a 50-day moving average price of $129.01 and a 200 day moving average price of $123.20. Palomar Holdings, Inc. has a 52 week low of $107.75 and a 52 week high of $175.85. The stock has a market cap of $3.22 billion, a PE ratio of 16.95 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. The company had revenue of $253.36 million for the quarter, compared to analysts’ expectations of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s revenue for the quarter was up 62.7% compared to the same quarter last year. During the same period last year, the company earned $1.52 EPS. On average, equities analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Evercore assumed coverage on Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 target price on the stock. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen upgraded shares of Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Palomar 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.