Handelsbanken Fonder AB Sells 56,800 Shares of Palomar Holdings, Inc. $PLMR

Handelsbanken Fonder AB decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 19.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 231,346 shares of the company’s stock after selling 56,800 shares during the period. Handelsbanken Fonder AB’s holdings in Palomar were worth $31,176,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLMR. Geneos Wealth Management Inc. bought a new position in Palomar during the fourth quarter worth about $32,000. Clearstead Advisors LLC increased its holdings in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Palomar by 43.9% during the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock worth $56,000 after buying an additional 147 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Palomar during the third quarter worth approximately $57,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Palomar by 127.9% during the fourth quarter. Farther Finance Advisors LLC now owns 490 shares of the company’s stock worth $66,000 after buying an additional 275 shares in the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

Shares of Palomar stock opened at $113.42 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a market cap of $3.01 billion, a P/E ratio of 15.80 and a beta of 0.49. The firm has a 50 day simple moving average of $121.08 and a 200 day simple moving average of $124.52. Palomar Holdings, Inc. has a fifty-two week low of $107.51 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results 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. The business had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. Palomar’s revenue for the quarter was up 59.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.87 earnings per share. Sell-side analysts predict that Palomar Holdings, Inc. will post 9.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Jon Christianson sold 1,937 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $128.62, for a total value of $249,136.94. Following the completion of the sale, the president owned 65,919 shares of the company’s stock, valued at $8,478,501.78. This trade represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $130.77, for a total transaction of $457,695.00. Following the sale, the chief executive officer directly owned 336,388 shares of the company’s stock, valued at $43,989,458.76. This represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 15,134 shares of company stock valued at $1,917,746. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on PLMR shares. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Evercore started coverage on shares of Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective for the company. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $150.25.

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.