Maryland State Retirement & Pension System Decreases Holdings in Palomar Holdings, Inc. $PLMR

Maryland State Retirement & Pension System reduced its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 51.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,850 shares of the company’s stock after selling 4,009 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Palomar were worth $449,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in PLMR. Osaic Holdings Inc. grew its position in shares of Palomar by 93.7% during the second quarter. Osaic Holdings Inc. now owns 19,370 shares of the company’s stock worth $2,933,000 after acquiring an additional 9,371 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Palomar during the 3rd quarter worth $1,459,000. Sumitomo Mitsui Trust Group Inc. grew its position in Palomar by 11.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,172 shares of the company’s stock worth $53,258,000 after purchasing an additional 45,665 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Palomar by 256.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,785 shares of the company’s stock worth $6,445,000 after purchasing an additional 30,049 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Palomar in the second quarter valued at $1,053,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $129.00, for a total transaction of $645,000.00. Following the completion of the sale, the chief executive officer directly owned 348,388 shares in the company, valued at $44,942,052. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the sale, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at $1,019,897.44. The trade was a 8.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,586 shares of company stock valued at $1,999,706 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Palomar Price Performance

Shares of Palomar stock opened at $124.95 on Friday. Palomar Holdings, Inc. has a 1 year low of $101.64 and a 1 year high of $175.85. The business has a 50 day moving average price of $127.91 and a 200 day moving average price of $124.55. The company has a market capitalization of $3.31 billion, a P/E ratio of 19.49 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Thursday, November 6th. The company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.45. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The company had revenue of $244.66 million during the quarter, compared to the consensus estimate of $207.98 million. During the same quarter last year, the business posted $1.23 earnings per share. As a group, research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Evercore ISI lowered their price target on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. JPMorgan Chase & Co. lifted their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods increased their price target on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Finally, Wall Street Zen upgraded shares of Palomar from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.50.

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.