Elo Mutual Pension Insurance Co Acquires Shares of 11,927 Palomar Holdings, Inc. $PLMR

Elo Mutual Pension Insurance Co bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 11,927 shares of the company’s stock, valued at approximately $1,392,000.

Several other hedge funds also recently made changes to their positions in the company. Salomon & Ludwin LLC purchased a new stake in Palomar in the third quarter worth $25,000. Richardson Financial Services Inc. boosted its holdings in shares of Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares in the last quarter. Allworth Financial LP grew its position in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after buying an additional 197 shares during the period. Clearstead Advisors LLC increased its stake in shares of Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares in the last quarter. Finally, Hollencrest Capital Management lifted its position in 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 acquiring an additional 113 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Palomar Trading Up 2.2%

Shares of NASDAQ PLMR opened at $127.11 on Friday. Palomar Holdings, Inc. has a 12-month low of $107.75 and a 12-month high of $175.85. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 17.70 and a beta of 0.46. The firm has a 50 day moving average of $127.68 and a 200 day moving average of $123.31.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. The firm had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company’s revenue for the quarter was up 62.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.52 EPS. Sell-side analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the sale, the insider owned 27,579 shares in the company, valued at approximately $3,531,215.16. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jon Christianson sold 522 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total transaction of $66,836.88. Following the completion of the transaction, the president owned 65,919 shares of the company’s stock, valued at approximately $8,440,268.76. The trade was a 0.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 58,999 shares of company stock valued at $7,253,229. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Evercore assumed coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Palomar presently has a consensus rating of “Buy” and an average target price of $163.00.

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.