Emerald Advisers LLC Sells 3,605 Shares of Palomar Holdings, Inc. $PLMR

Emerald Advisers LLC lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,359 shares of the company’s stock after selling 3,605 shares during the quarter. Palomar accounts for about 1.1% of Emerald Advisers LLC’s investment portfolio, making the stock its 24th biggest holding. Emerald Advisers LLC’s holdings in Palomar were worth $35,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in 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 buying an additional 67,038 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Palomar by 13.8% in the fourth 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 during the period. Janus Henderson Group PLC grew its stake in shares of Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after acquiring an additional 568,360 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Palomar by 72.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in shares of 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 purchasing an additional 20,597 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a report on Monday, May 11th. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Keefe, Bruyette & Woods raised their price target on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Finally, Evercore set a $152.00 price target on Palomar in a research note on Friday. Four 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, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $150.00.

Insider Activity at Palomar

In other Palomar news, insider Timothy Carter sold 480 shares of the company’s stock in a transaction dated Sunday, June 28th. The stock was sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the sale, the insider owned 1,670 shares in the company, valued at $207,564.30. This represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the transaction, the chief executive officer directly owned 329,388 shares in the company, valued at $37,207,668.48. This trade represents a 1.05% 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. Over the last three months, insiders have sold 22,977 shares of company stock worth $2,933,488. Corporate insiders own 3.70% of the company’s stock.

Palomar Stock Up 2.6%

PLMR opened at $139.58 on Tuesday. The firm’s 50 day simple moving average is $117.53 and its two-hundred day simple moving average is $123.17. The company has a market capitalization of $3.70 billion, a PE ratio of 19.44 and a beta of 0.41. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. The firm had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company’s revenue for the quarter was up 59.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 EPS. As a group, equities analysts forecast that Palomar Holdings, Inc. will post 8.93 EPS for the current year.

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.