Palomar Holdings, Inc. $PLMR Shares Bought by Janus Henderson Group PLC

Janus Henderson Group PLC grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 17.4% in the 1st quarter, Holdings Channel reports. The firm owned 933,993 shares of the company’s stock after acquiring an additional 138,368 shares during the quarter. Janus Henderson Group PLC’s holdings in Palomar were worth $111,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in Palomar by 13.8% during the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after purchasing an additional 101,698 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in 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 buying an additional 328,993 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in Palomar by 3.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock worth $85,432,000 after buying an additional 20,597 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Palomar by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 661,900 shares of the company’s stock worth $89,212,000 after buying an additional 2,295 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Timothy Carter sold 480 shares of the firm’s stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the transaction, the insider owned 1,670 shares in the company, valued at approximately $207,564.30. This trade represents a 22.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 3,000 shares of Palomar stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $139.50, for a total transaction of $418,500.00. Following the completion of the transaction, the president directly owned 66,478 shares in the company, valued at $9,273,681. This represents a 4.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 20,843 shares of company stock worth $2,711,683. 3.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $133.79 on Friday. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The firm has a market cap of $3.55 billion, a P/E ratio of 18.63 and a beta of 0.41. The stock has a fifty day moving average price of $124.31 and a two-hundred day moving average price of $123.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the firm posted $1.87 earnings per share. The company’s revenue was up 59.7% on a year-over-year basis. Research analysts forecast that Palomar Holdings, Inc. will post 8.9 EPS for the current fiscal 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.