Atlas Capital Advisors Inc. Takes $24.48 Million Position in Palomar Holdings, Inc. $PLMR

Key Points

• Atlas Capital Advisors bought a new stake in Palomar Holdings worth about $24.48 million, acquiring 181,634 shares in the fourth quarter. The position makes Palomar Atlas’s third-largest holding and represents about 0.69% of the company.
• Palomar reported strong quarterly earnings, with EPS of $2.31 beating estimates, and revenue up 59.7% year over year. Analysts expect the company to earn 8.99 EPS for the current year.
• Sentiment on the stock is mixed: several analysts cut ratings or price targets, but the overall consensus remains Moderate Buy with a target price of $147.75. Meanwhile, insiders, including the CEO and president, sold shares in recent transactions.

Atlas Capital Advisors Inc. purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 181,634 shares of the company's stock, valued at approximately $24,477,000. Palomar makes up about 2.7% of Atlas Capital Advisors Inc.'s investment portfolio, making the stock its 3rd biggest position. Atlas Capital Advisors Inc. owned about 0.69% of Palomar as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in shares of Palomar during the 4th quarter valued at $32,000. Kestra Advisory Services LLC bought a new position in shares of Palomar during the 4th quarter valued at $33,000. Clearstead Advisors LLC grew its stake in Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock valued at $46,000 after buying an additional 94 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in Palomar in the 4th quarter valued at $54,000. Finally, IFP Advisors Inc grew its stake in Palomar by 43.9% in the 3rd 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 last quarter. Institutional investors own 90.25% of the company's stock.

Palomar Stock Performance

NASDAQ:PLMR opened at $114.85 on Friday. 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 firm has a market capitalization of $3.04 billion, a PE ratio of 16.00 and a beta of 0.44. The firm's fifty day simple moving average is $117.67 and its 200 day simple moving average is $122.84. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $165.10.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business's quarterly revenue was up 59.7% on a year-over-year basis. During the same period last year, the business posted $1.87 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 8.99 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Zacks Research lowered shares of Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Piper Sandler lowered their target price on shares of Palomar from $151.00 to $132.00 and set an "overweight" rating on the stock in a research note on Monday, May 11th. JPMorgan Chase & Co. lowered their target price on shares of Palomar from $160.00 to $150.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 26th. Finally, Weiss Ratings lowered shares of Palomar from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $147.75.

Insider Buying and Selling at Palomar

In other Palomar news, President Jon Christianson sold 1,937 shares of the firm's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $128.62, for a total value of $249,136.94. Following the sale, the president directly owned 65,919 shares in the company, valued at $8,478,501.78. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00. Following the completion of the sale, the chief executive officer owned 332,888 shares in the company, valued at $38,079,058.32. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,634 shares of company stock worth $2,318,111 over the last 90 days. Company insiders own 3.70% of the company's stock.

About Palomar

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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.