Diversify Wealth Management LLC Makes New $1.05 Million Investment in Palomar Holdings, Inc. $PLMR

Key Points

• Diversify Wealth Management LLC opened a new position in Palomar Holdings, buying 8,500 shares worth about $1.05 million in the first quarter.
• Institutional ownership remains heavy, with several funds recently adding to PLMR and about 90.25% of the stock held by institutions overall.
• Palomar insiders have been selling shares recently, including President Jon Christianson, while analysts remain generally positive with a Moderate Buy consensus and a price target of $158.25.

Diversify Wealth Management LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 8,500 shares of the company's stock, valued at approximately $1,054,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PLMR. Summit Global Investments boosted its stake in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company's stock worth $626,000 after acquiring an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Palomar by 3.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company's stock valued at $333,000 after buying an additional 82 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Palomar by 2.0% in the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company's stock worth $602,000 after purchasing an additional 88 shares in the last quarter. California State Teachers Retirement System lifted its position in Palomar by 0.4% during the 2nd 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. Finally, Covestor Ltd raised its holdings in Palomar by 11.7% during the fourth quarter. Covestor Ltd now owns 1,254 shares of the company's stock worth $169,000 after acquiring an additional 131 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Activity 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 completion of the sale, the insider directly owned 1,670 shares in the company, valued at approximately $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 6,863 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total value of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares of the company's stock, valued at $9,273,681. The trade was a 9.36% 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 have sold a total of 17,843 shares of company stock worth $2,270,468 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Palomar from $160.00 to $150.00 and set an "overweight" rating for the company in a research note on Tuesday, May 26th. Evercore set a $152.00 target price on Palomar in a research note on Friday, July 10th. Piper Sandler lifted their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on Palomar from $162.00 to $166.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Finally, Zacks Research cut shares of Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $158.25.

Palomar Stock Down 3.2%

Shares of PLMR opened at $131.69 on Thursday. The stock's 50-day moving average price is $118.43 and its two-hundred day moving average price is $123.13. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a market capitalization of $3.49 billion, a PE ratio of 18.34 and a beta of 0.41. 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 released 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. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same quarter last year, the business earned $1.87 EPS. The company's revenue was up 59.7% compared to the same quarter last year. On average, analysts anticipate that Palomar Holdings, Inc. will post 8.93 EPS for the current year.

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.

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