Arrowstreet Capital Limited Partnership Grows Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Arrowstreet Capital increased its Palomar Holdings position by 19.2% in the first quarter, acquiring 16,581 additional shares and ending with a stake worth approximately $12.3 million. Institutional investors collectively own 90.25% of Palomar.
• Palomar reported quarterly earnings of $2.31 per share, exceeding estimates of $2.17, while revenue rose 59.7% year over year to $278.94 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $162.50.
• Insiders sold 20,843 shares worth $2.71 million during the last quarter, while Palomar shares opened at $133.79—below the company’s 12-month high of $147.62 but above its 50- and 200-day moving averages.

Arrowstreet Capital Limited Partnership grew its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 103,121 shares of the company's stock after acquiring an additional 16,581 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.39% of Palomar worth $12,323,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC increased its holdings in Palomar by 652.7% during the 4th quarter. HighTower Advisors LLC now owns 17,613 shares of the company's stock worth $2,374,000 after acquiring an additional 15,273 shares during the period. Moran Wealth Management LLC bought a new position in Palomar in the 4th quarter valued at $2,473,000. Stephens Investment Management Group LLC boosted its holdings in Palomar by 19.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company's stock valued at $93,566,000 after purchasing an additional 114,859 shares during the period. Vanguard Group Inc. boosted its holdings in Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after purchasing an additional 67,038 shares during the period. Finally, Danske Bank A S increased its holdings in shares of Palomar by 69.9% in the fourth quarter. Danske Bank A S now owns 138,295 shares of the company's stock worth $18,637,000 after purchasing an additional 56,898 shares during the period. Institutional investors own 90.25% of the company's stock.

Insider Transactions at Palomar

In other news, President Jon Christianson sold 6,863 shares of the company's stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the transaction, the president directly owned 66,478 shares of the company's stock, valued at $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the business's stock in a transaction that occurred on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider directly owned 1,670 shares of the company's stock, valued at $207,564.30. The trade was a 22.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 20,843 shares of company stock worth $2,711,683 over the last quarter. 3.70% of the stock is currently owned by insiders.

Palomar Stock Down 1.8%

Shares of NASDAQ:PLMR opened at $133.79 on Friday. The stock has a fifty day simple moving average of $124.31 and a two-hundred day simple moving average of $123.52. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of 18.63 and a beta of 0.41. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm had revenue of $278.94 million for the quarter, compared to analysts' expectations of $557.79 million. During the same quarter in the prior year, the company posted $1.87 earnings per share. The business's revenue for the quarter was up 59.7% on a year-over-year basis. On average, research analysts anticipate that Palomar Holdings, Inc. will post 8.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLMR has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on Palomar from $162.00 to $166.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Zacks Research lowered Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. 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. Evercore set a $152.00 price target on Palomar in a research report on Friday, July 10th. Finally, Piper Sandler boosted their price objective on Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus price target of $162.50.

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.

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