PVG Asset Management Corp Buys 8,527 Shares of Palomar Holdings, Inc. $PLMR

PVG Asset Management Corp raised its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 526.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,147 shares of the company’s stock after purchasing an additional 8,527 shares during the period. PVG Asset Management Corp’s holdings in Palomar were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Palomar by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after buying an additional 67,038 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after buying an additional 138,368 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Palomar by 13.8% during the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after acquiring an additional 101,698 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after acquiring an additional 328,993 shares in the last quarter. Finally, Stephens Investment Management Group LLC lifted its position in Palomar by 3.0% during the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after acquiring an additional 20,597 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $137.26, for a total transaction of $480,410.00. Following the completion of the sale, the chief executive officer directly owned 325,888 shares in the company, valued at approximately $44,731,386.88. The trade was a 1.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 3,000 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at $9,273,681. This trade represents a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,843 shares of company stock valued at $2,711,683 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Palomar Stock Performance

Shares of PLMR opened at $133.79 on Monday. The stock has a 50-day moving average of $124.31 and a two-hundred day moving average of $123.48. Palomar Holdings, Inc. has a one year low of $100.81 and a one year 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 stock has a market cap of $3.55 billion, a P/E ratio of 18.63 and a beta of 0.41.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same period in the prior year, the company earned $1.87 earnings per share. The company’s revenue was up 59.7% on a year-over-year basis. As a group, research analysts predict that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on PLMR. Piper Sandler boosted their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their price target on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $162.50.

About Palomar

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.