Bessemer Group Inc. Reduces Stock Position in Palomar Holdings, Inc. $PLMR

Key Points

• Bessemer Group Inc. cut its Palomar Holdings stake by 22.6% in the first quarter, selling 34,709 shares and ending with 119,196 shares valued at about $14.2 million.
• Institutional ownership remains heavy, with large investors like Vanguard, Westfield Capital, Janus Henderson, and Sumitomo Mitsui Trust all increasing positions; institutions now hold about 90.25% of the company.
• Wall Street sentiment is still positive on Palomar, with analysts assigning a Moderate Buy consensus and an average price target of $158.25 after several firms raised targets.

Bessemer Group Inc. lowered its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 22.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,196 shares of the company's stock after selling 34,709 shares during the quarter. Bessemer Group Inc. owned 0.45% of Palomar worth $14,242,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Palomar by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after buying an additional 67,038 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 13.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock worth $113,229,000 after acquiring an additional 101,698 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock worth $107,237,000 after acquiring an additional 568,360 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after acquiring an additional 328,993 shares during the period. Finally, Stephens Investment Management Group LLC lifted its holdings in Palomar by 3.0% in the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock valued at $85,432,000 after acquiring an additional 20,597 shares during the period. Institutional investors own 90.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PLMR shares. Piper Sandler boosted their price target on Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. cut their target price on shares of Palomar from $160.00 to $150.00 and set an "overweight" rating for the company in a research report on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and a consensus price target of $158.25.

Insider Activity at Palomar

In related news, insider Timothy Carter sold 480 shares of the business's stock in a transaction that occurred on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the transaction, the insider directly owned 1,670 shares in the company, valued at approximately $207,564.30. The trade was a 22.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 firm's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00. Following the sale, the chief executive officer owned 329,388 shares in the company, valued at approximately $37,207,668.48. The trade was a 1.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 17,843 shares of company stock worth $2,270,468. 3.70% of the stock is owned by company insiders.

Palomar Price Performance

NASDAQ PLMR opened at $135.44 on Friday. The business's fifty day moving average is $119.29 and its 200 day moving average is $123.22. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market capitalization of $3.59 billion, a PE ratio of 18.86 and a beta of 0.41.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping 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 business had revenue of $278.94 million during the quarter, compared to analysts' expectations of $557.79 million. During the same quarter in the prior year, the business posted $1.87 earnings per share. The business's quarterly revenue was up 59.7% on a year-over-year basis. Sell-side analysts predict that Palomar Holdings, Inc. will post 8.9 earnings per share 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.

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