Fifth Third Bancorp Buys 6,980 Shares of Palomar Holdings, Inc. $PLMR

Fifth Third Bancorp increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 4,780.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,126 shares of the company’s stock after purchasing an additional 6,980 shares during the period. Fifth Third Bancorp’s holdings in Palomar were worth $852,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PLMR. Geneos Wealth Management Inc. purchased a new position in Palomar during the fourth quarter valued at approximately $32,000. Kestra Advisory Services LLC bought a new position in shares of Palomar in the fourth quarter worth $33,000. Rockefeller Capital Management L.P. increased its holdings in shares of Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the period. Frazier Financial Advisors LLC purchased a new stake in shares of Palomar in the fourth quarter worth $54,000. Finally, IFP Advisors Inc boosted its stake in Palomar by 43.9% during the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock valued at $56,000 after buying an additional 147 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler lifted their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Evercore set a $152.00 price objective on shares of Palomar in a research report on Friday, July 10th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $162.50.

Insider Buying and Selling at Palomar

In other Palomar news, insider Timothy Carter sold 480 shares of the firm’s stock in a transaction on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the sale, the insider owned 1,670 shares of the company’s stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00. Following the transaction, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. This trade represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,343 shares of company stock valued at $1,812,773 in the last quarter. Company insiders own 3.70% of the company’s stock.

Palomar Stock Performance

NASDAQ PLMR opened at $137.56 on Monday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $121.82 and a 200-day moving average of $123.14. The firm has a market cap of $3.65 billion, a PE ratio of 19.16 and a beta of 0.41. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $147.62.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the firm posted $1.87 earnings per share. The business’s quarterly revenue was up 59.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

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.