Palomar Holdings, Inc. $PLMR Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 26.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,843 shares of the company’s stock after selling 23,270 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Palomar were worth $7,570,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PLMR. Y Intercept Hong Kong Ltd lifted its stake in Palomar by 434.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 36,496 shares of the company’s stock valued at $4,261,000 after buying an additional 29,669 shares in the last quarter. Hunter Associates Investment Management LLC raised its holdings in shares of Palomar by 40.9% in the third quarter. Hunter Associates Investment Management LLC now owns 19,785 shares of the company’s stock worth $2,319,000 after acquiring an additional 5,741 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Palomar by 25.8% in the third quarter. Teacher Retirement System of Texas now owns 13,885 shares of the company’s stock valued at $1,621,000 after acquiring an additional 2,849 shares in the last quarter. Strs Ohio boosted its stake in shares of Palomar by 19.5% during the third quarter. Strs Ohio now owns 9,200 shares of the company’s stock valued at $1,074,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Outlook Wealth Advisors LLC acquired a new stake in shares of Palomar during the third quarter valued at $226,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLMR has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods boosted their price objective 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. Wall Street Zen upgraded shares of Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Finally, Evercore ISI reduced their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus price target of $159.50.

Insider Buying and Selling at Palomar

In related news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $36,204.04. Following the completion of the sale, the insider directly owned 21,565 shares in the company, valued at approximately $2,778,434.60. This represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 782 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total value of $100,752.88. Following the completion of the transaction, the chief financial officer directly owned 7,916 shares in the company, valued at $1,019,897.44. This trade represents a 8.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,586 shares of company stock valued at $1,999,706 in the last quarter. Company insiders own 3.70% of the company’s stock.

Palomar Price Performance

Palomar stock opened at $121.87 on Wednesday. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 19.01 and a beta of 0.42. Palomar Holdings, Inc. has a 12 month low of $104.47 and a 12 month high of $175.85. The stock’s 50-day moving average is $127.72 and its 200-day moving average is $124.11.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The business had revenue of $244.66 million during the quarter, compared to analysts’ expectations of $207.98 million. During the same quarter in the previous year, the business earned $1.23 EPS. Research analysts anticipate that Palomar Holdings, Inc. will post 5.99 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.