Empowered Funds LLC Buys New Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Empowered Funds LLC acquired 195,118 Palomar shares worth approximately $23.3 million, giving it a 0.74% stake. Institutional investors collectively own 90.25% of the company.
• Palomar reported quarterly EPS of $2.31, beating estimates by $0.14, while revenue rose 59.7% year over year. Analysts expect $8.90 in full-year EPS.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $162.50 versus the stock’s reported $143.16 price. Meanwhile, insiders sold 20,843 shares worth $2.71 million over the past 90 days.

Empowered Funds LLC bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 195,118 shares of the company's stock, valued at approximately $23,317,000. Empowered Funds LLC owned 0.74% of Palomar at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new position in shares of Palomar in the 4th quarter valued at $32,000. Kestra Advisory Services LLC bought a new position in shares of Palomar during the 4th quarter worth about $33,000. Rockefeller Capital Management L.P. boosted its position in shares of Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock valued at $40,000 after acquiring an additional 132 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company's stock valued at $53,000 after acquiring an additional 383 shares in the last quarter. Finally, Frazier Financial Advisors LLC bought a new stake in Palomar in the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In related news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total value of $480,410.00. Following the completion of the transaction, the chief executive officer directly owned 325,888 shares of the company's stock, valued at $44,731,386.88. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 3,000 shares of the company's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $139.50, for a total transaction of $418,500.00. Following the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This trade represents a 4.32% decrease in their position. 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. Over the last ninety days, insiders sold 20,843 shares of company stock worth $2,711,683. 3.70% of the stock is owned by corporate insiders.

Palomar Trading Up 1.7%

PLMR stock opened at $143.16 on Wednesday. The business has a fifty day moving average price of $122.94 and a 200 day moving average price of $123.31. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 19.94 and a beta of 0.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PLMR. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Evercore set a $152.00 price objective on Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. upped their price objective on Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 18th. Finally, Zacks Research cut Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price 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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