First Trust Advisors LP Acquires 37,813 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• First Trust Advisors LP increased its Palomar Holdings stake by 232.3% in the first quarter, acquiring 37,813 shares and bringing its total holding to 54,088 shares valued at approximately $6.46 million. Institutional investors collectively own 90.25% of the company.
• Palomar insiders recently sold shares under pre-arranged Rule 10b5-1 plans: the president sold $418,500 worth and the CEO sold $480,410 worth. Insiders have sold 20,843 shares valued at $2.71 million over the past 90 days.
• Analysts maintain a generally positive outlook, with four Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $162.50. Palomar also exceeded quarterly EPS estimates, reporting $2.31 versus the $2.17 consensus, while revenue rose 59.7% year over year.

First Trust Advisors LP raised its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 232.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,088 shares of the company's stock after purchasing an additional 37,813 shares during the period. First Trust Advisors LP owned 0.20% of Palomar worth $6,464,000 at the end of the most recent quarter.

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

Insider Transactions at Palomar

In related news, President Jon Christianson sold 3,000 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the completion of the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 dated Tuesday, July 21st. The stock was sold at an average price of $137.26, for a total transaction of $480,410.00. Following the sale, the chief executive officer owned 325,888 shares of the company's stock, valued at $44,731,386.88. This trade represents a 1.06% 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. Insiders have sold 20,843 shares of company stock worth $2,711,683 in the last ninety days. Company insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PLMR shares. Piper Sandler boosted their price objective on Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Keefe, Bruyette & Woods increased their target price on Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Zacks Research downgraded shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of "Moderate Buy" and an average price target of $162.50.

Palomar Stock Performance

Shares of PLMR opened at $133.79 on Monday. 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 company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 18.63 and a beta of 0.41. The stock has a 50 day moving average of $124.31 and a 200 day moving average of $123.48. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62.

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 for the quarter, compared to analyst estimates of $557.79 million. During the same period last year, the company posted $1.87 earnings per share. Palomar's quarterly revenue was up 59.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 8.9 earnings per share 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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