Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Down 13.1% in January

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 425,364 shares, a drop of 13.1% from the January 15th total of 489,211 shares. Based on an average daily trading volume, of 187,309 shares, the short-interest ratio is currently 2.3 days. Approximately 1.7% of the company’s shares are sold short. Approximately 1.7% of the company’s shares are sold short. Based on an average daily trading volume, of 187,309 shares, the short-interest ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PLMR shares. JPMorgan Chase & Co. increased their price target on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Finally, Evercore began coverage on shares of Palomar in a research note on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $162.17.

Palomar Trading Down 1.7%

PLMR opened at $127.84 on Thursday. Palomar has a 1-year low of $107.75 and a 1-year high of $175.85. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 17.81 and a beta of 0.44. The company’s fifty day moving average price is $129.50 and its two-hundred day moving average price is $123.17.

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 $492.63 million during the quarter, compared to analysts’ expectations of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business’s revenue was up 62.7% on a year-over-year basis. During the same period last year, the company earned $1.52 earnings per share. As a group, equities analysts forecast that Palomar will post 5.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palomar news, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the sale, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of Palomar stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $252,107.64. Following the completion of the transaction, the chief financial officer directly owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. This trade represents a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,413 shares of company stock valued at $7,664,458 in the last three months. 3.70% of the stock is owned by insiders.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently made changes to their positions in PLMR. Royal Bank of Canada increased its holdings in Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after buying an additional 974 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Palomar by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after purchasing an additional 791 shares during the period. NewEdge Advisors LLC purchased a new stake in Palomar in the first quarter worth $66,000. United Services Automobile Association bought a new stake in shares of Palomar in the first quarter valued at $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Palomar by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after buying an additional 7,754 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.