GSA Capital Partners LLP Buys New Position in Palomar Holdings, Inc. $PLMR

GSA Capital Partners LLP purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,426 shares of the company’s stock, valued at approximately $1,451,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada lifted its position in shares of Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after purchasing an additional 974 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Palomar by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after buying an additional 791 shares during the last quarter. NewEdge Advisors LLC bought a new stake in Palomar during the 1st quarter worth about $66,000. United Services Automobile Association acquired a new position in shares of Palomar during the 1st quarter worth about $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Palomar by 11.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after acquiring an additional 7,754 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Trading Down 1.6%

PLMR opened at $129.99 on Wednesday. The stock’s fifty day simple moving average is $129.31 and its 200 day simple moving average is $123.14. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The stock has a market cap of $3.44 billion, a PE ratio of 18.10 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. The firm had revenue of $492.63 million for the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company’s quarterly revenue was up 62.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 earnings per share. Equities analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the sale, the chief executive officer owned 91,737 shares in the company, valued at $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $252,107.64. Following the transaction, the chief financial officer owned 11,473 shares in the company, valued at approximately $1,375,383.24. This trade represents a 15.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 62,413 shares of company stock worth $7,664,458. 3.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods upped their target price on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. upped their price objective on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Evercore assumed coverage on shares of Palomar in a research note on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, Palomar currently has an average rating of “Buy” and a consensus price target of $162.17.

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.