Palomar Holdings, Inc. $PLMR Stock Holdings Lifted by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 12.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,841 shares of the company’s stock after buying an additional 9,831 shares during the period. JPMorgan Chase & Co.’s holdings in Palomar were worth $10,372,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLMR. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Evercore began coverage on shares of Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Finally, 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 note on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $163.00.

Palomar Stock Performance

PLMR opened at $127.32 on Friday. The company has a market capitalization of $3.40 billion, a PE ratio of 17.73 and a beta of 0.46. The stock’s fifty day moving average is $127.53 and its 200-day moving average is $123.36. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85.

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

Insider Activity

In related news, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the sale, the chief executive officer directly owned 91,737 shares in the company, valued at $10,997,431.56. The trade was a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO T Christopher Uchida sold 2,103 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $252,107.64. Following the sale, the chief financial officer directly owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 58,999 shares of company stock worth $7,253,229. Corporate insiders own 3.70% of the company’s stock.

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.