Catalyst Capital Advisors LLC Buys Shares of 5,650 Palomar Holdings, Inc. $PLMR

Catalyst Capital Advisors LLC bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the first quarter, HoldingsChannel.com reports. The firm bought 5,650 shares of the company’s stock, valued at approximately $675,000.

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC boosted its position in Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after buying an additional 15,273 shares in the last quarter. Moran Wealth Management LLC acquired a new stake in shares of Palomar during the 4th quarter valued at $2,473,000. Stephens Investment Management Group LLC increased its holdings in Palomar by 19.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after purchasing an additional 114,859 shares in the last quarter. Danske Bank A S raised its position in Palomar by 69.9% in the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after purchasing an additional 56,898 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after purchasing an additional 67,038 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on PLMR. Evercore set a $152.00 price objective on Palomar in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. JPMorgan Chase & Co. reduced their price objective on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, Piper Sandler increased their price target on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Four equities 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 has an average rating of “Moderate Buy” and a consensus target price of $158.25.

Insider Activity

In other Palomar news, 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 completion of the sale, the chief executive officer owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the business’s stock in a transaction that occurred on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the sale, the insider owned 1,670 shares of the company’s stock, valued at approximately $207,564.30. This represents a 22.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 17,843 shares of company stock worth $2,270,468 in the last three months. Company insiders own 3.70% of the company’s stock.

Palomar Price Performance

Shares of PLMR opened at $135.44 on Friday. The firm has a market cap of $3.59 billion, a PE ratio of 18.86 and a beta of 0.41. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The business’s 50 day moving average price is $119.29 and its two-hundred day moving average price is $123.22.

Palomar (NASDAQ:PLMR) last released its earnings results 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. The company had revenue of $278.94 million for the quarter, compared to the consensus estimate of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. Palomar’s quarterly revenue was up 59.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.87 EPS. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 8.9 EPS 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.