State of Alaska Department of Revenue Purchases 5,184 Shares of Palomar Holdings, Inc. $PLMR

State of Alaska Department of Revenue raised its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 35.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,936 shares of the company’s stock after acquiring an additional 5,184 shares during the period. State of Alaska Department of Revenue owned approximately 0.08% of Palomar worth $2,685,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Salomon & Ludwin LLC bought a new position in Palomar during the 3rd quarter valued at about $25,000. Richardson Financial Services Inc. lifted its stake in Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. Clearstead Advisors LLC boosted its position in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after buying an additional 94 shares during the period. IFP Advisors Inc boosted its position in shares of Palomar by 43.9% during the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock valued at $56,000 after buying an additional 147 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of Palomar during the third quarter valued at approximately $57,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of PLMR stock opened at $132.55 on Friday. The company has a market capitalization of $3.51 billion, a P/E ratio of 18.46 and a beta of 0.54. The company’s 50-day simple moving average is $124.08 and its two-hundred day simple moving average is $123.92. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.18. The firm had revenue of $253.36 million during 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 revenue was up 62.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.52 earnings per share. On average, research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 3,000 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total transaction of $375,000.00. Following the transaction, the president owned 62,919 shares of the company’s stock, valued at approximately $7,864,875. This represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 11,484 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the transaction, the chief executive officer owned 91,737 shares in the company, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 66,632 shares of company stock worth $8,177,085 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PLMR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price target on Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a report on Tuesday, April 7th. JPMorgan Chase & Co. boosted their price objective on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Weiss Ratings downgraded Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, April 7th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, Evercore began coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $161.75.

Palomar Company 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.