11,800 Shares in Palomar Holdings, Inc. $PLMR Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the first quarter, HoldingsChannel reports. The fund purchased 11,800 shares of the company’s stock, valued at approximately $1,410,000.

Other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC increased its holdings in shares of Palomar by 250.1% in the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after buying an additional 568,360 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Palomar by 290.2% in the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after acquiring an additional 369,697 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Palomar by 72.1% in 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 last quarter. Balyasny Asset Management L.P. grew its position in Palomar by 290.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock worth $41,605,000 after acquiring an additional 229,681 shares in the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in Palomar in the fourth quarter worth about $24,477,000. Institutional investors own 90.25% of the company’s stock.

Insider Activity

In other news, insider Timothy Carter sold 480 shares of the stock in a transaction that occurred on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total value of $59,659.20. Following the sale, the insider directly owned 1,670 shares in the company, valued at approximately $207,564.30. This represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the sale, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at $37,207,668.48. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 19,114 shares of company stock valued at $2,351,100. 3.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PLMR shares. JPMorgan Chase & Co. decreased their price objective on Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods dropped their target price on Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Piper Sandler cut 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 upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $147.75.

Palomar Price Performance

PLMR stock opened at $140.00 on Friday. The stock has a market cap of $3.71 billion, a PE ratio of 19.50 and a beta of 0.41. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $148.53. The company has a 50-day moving average price of $115.42 and a 200 day moving average price of $122.73. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data 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. The company had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.87 EPS. Equities research analysts anticipate that Palomar Holdings, Inc. will post 8.93 earnings per share for the current year.

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.