Calamos Advisors LLC Buys Shares of 17,396 Palomar Holdings, Inc. $PLMR

Key Points

• Calamos Advisors LLC bought 17,396 shares of Palomar (PLMR) in Q4—about $2.34 million—giving the firm a 0.07% stake while institutional investors own roughly 90.25% of the company.
• Insiders have been net sellers recently: CEO Mac Armstrong sold 11,484 shares and President Jon Christianson sold 3,000, with insiders offloading a total of 65,132 shares (~$7.99 million) in the past three months and now owning 3.70% of the stock.
• Palomar posted a strong quarter—EPS $2.24 vs. $2.06 est., revenue $253.36M vs. $204.58M (up 62.7% YoY)—and analysts mostly rate the stock a Buy with an average price target of about $161.75.

Calamos Advisors LLC purchased a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 17,396 shares of the company's stock, valued at approximately $2,344,000. Calamos Advisors LLC owned 0.07% of Palomar at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PLMR. Wealth Enhancement Advisory Services LLC raised its holdings in Palomar by 3.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company's stock worth $333,000 after purchasing an additional 82 shares during the period. Clearstead Advisors LLC grew its holdings in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock valued at $46,000 after purchasing an additional 94 shares during the period. California State Teachers Retirement System increased its position in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock worth $3,734,000 after buying an additional 97 shares in the last quarter. Arizona State Retirement System increased its position in Palomar by 1.6% in the third quarter. Arizona State Retirement System now owns 7,900 shares of the company's stock worth $922,000 after buying an additional 124 shares in the last quarter. Finally, Richardson Financial Services Inc. raised its stake in shares of Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company's stock worth $25,000 after buying an additional 147 shares during the period. Institutional investors own 90.25% of the company's stock.

Insider Activity

In other news, CEO Mac Armstrong sold 11,484 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 $1,376,701.92. Following the sale, the chief executive officer directly owned 91,737 shares of the company's stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 3,000 shares of the business's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total value of $375,000.00. Following the completion of the sale, the president owned 62,919 shares in the company, valued at $7,864,875. This represents a 4.55% 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 have sold a total of 65,132 shares of company stock valued at $7,989,780 in the last three months. Insiders own 3.70% of the company's stock.

Palomar Stock Performance

PLMR stock opened at $126.07 on Monday. Palomar Holdings, Inc. has a one year low of $107.75 and a one year high of $175.85. The company's fifty day moving average price is $124.10 and its 200-day moving average price is $124.58. The company has a market capitalization of $3.34 billion, a PE ratio of 17.56 and a beta of 0.54.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.18. The company had revenue of $253.36 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%. Palomar's quarterly revenue was up 62.7% on a year-over-year basis. During the same period last year, the company posted $1.52 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 8.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PLMR. Keefe, Bruyette & Woods lifted their price objective on Palomar from $183.00 to $186.00 and gave the company an "outperform" rating in a research report on Tuesday, April 7th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Evercore started coverage on shares of Palomar in a report on Monday, February 9th. They set an "outperform" rating and a $150.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Palomar from $155.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Finally, Weiss Ratings raised shares of Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $161.75.

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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