Hussman Strategic Advisors Inc. Takes $2.45 Million Position in Palomar Holdings, Inc. $PLMR

Hussman Strategic Advisors Inc. purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 21,000 shares of the company’s stock, valued at approximately $2,452,000. Hussman Strategic Advisors Inc. owned 0.08% of Palomar at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP increased its holdings in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the period. Salomon & Ludwin LLC acquired a new position in Palomar in the 3rd quarter valued at approximately $25,000. Richardson Financial Services Inc. lifted its position in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after buying an additional 147 shares in the last quarter. Hollencrest Capital Management boosted its stake in shares of Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after buying an additional 113 shares during the period. Finally, IFP Advisors Inc grew its holdings in shares of Palomar by 556.9% during the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock valued at $52,000 after acquiring an additional 284 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, President Jon Christianson sold 1,691 shares of Palomar stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $139.50, for a total value of $235,894.50. Following the transaction, the president directly owned 59,631 shares in the company, valued at approximately $8,318,524.50. The trade was a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $122.86, for a total value of $614,300.00. Following the sale, the chief executive officer owned 358,388 shares of the company’s stock, valued at approximately $44,031,549.68. The trade was a 1.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 15,586 shares of company stock worth $1,999,706. Insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR stock opened at $121.87 on Wednesday. The stock’s 50 day simple moving average is $127.72 and its 200 day simple moving average is $124.11. Palomar Holdings, Inc. has a twelve month low of $104.47 and a twelve month high of $175.85. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 19.01 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last announced its earnings results on Thursday, November 6th. The company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. Palomar had a return on equity of 21.93% and a net margin of 22.59%.The firm had revenue of $244.66 million during the quarter, compared to analysts’ expectations of $207.98 million. During the same quarter in the prior year, the business earned $1.23 earnings per share. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.