AIA Group Ltd Purchases New Stake in Palomar Holdings, Inc. $PLMR

AIA Group Ltd acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,862 shares of the company’s stock, valued at approximately $1,035,000.

Other hedge funds have also added to or reduced their stakes in the company. Salomon & Ludwin LLC purchased a new stake in shares of Palomar during the 3rd quarter worth approximately $25,000. Richardson Financial Services Inc. lifted its stake in Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares during the last quarter. Allworth Financial LP grew its holdings in Palomar by 1,970.0% during the second 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. Clearstead Advisors LLC increased its position in Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares during the last quarter. Finally, Hollencrest Capital Management raised its stake in shares of Palomar by 56.5% in the second 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. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

Shares of Palomar stock opened at $116.90 on Friday. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85. The business’s 50 day simple moving average is $124.91 and its two-hundred day simple moving average is $123.08. The stock has a market capitalization of $3.12 billion, a P/E ratio of 16.28 and a beta of 0.46.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.06 by $0.18. The company had revenue of $253.36 million for 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 firm’s revenue for the quarter was up 62.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.52 earnings per share. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Insider Activity at Palomar

In related news, insider Angela L. Grant sold 260 shares of the firm’s stock in a transaction dated Saturday, January 31st. The stock was sold at an average price of $121.75, for a total value of $31,655.00. Following the sale, the insider directly owned 7,033 shares of the company’s stock, valued at $856,267.75. This trade represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Jon Christianson sold 522 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $66,836.88. Following the transaction, the president owned 65,919 shares in the company, valued at approximately $8,440,268.76. This represents a 0.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,999 shares of company stock valued at $7,253,229 in the last quarter. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PLMR has been the subject of several research reports. Keefe, Bruyette & Woods increased their price target on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Evercore initiated coverage on shares of Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 price target on the stock. Finally, Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $163.00.

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.