Janus Henderson Group PLC Increases Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Janus Henderson increased its Palomar stake by 17.4% in the first quarter, adding 138,368 shares to own 933,993 shares worth approximately $111.7 million. Institutional investors collectively own 90.25% of PLMR.
• Palomar insiders sold shares under pre-arranged Rule 10b5-1 plans, including 3,500 shares by CEO Mac Armstrong and 3,000 shares by President Jon Christianson; insiders have sold 20,843 shares worth $2.7 million over the past 90 days.
• Palomar beat quarterly EPS expectations with $2.31 versus the $2.17 consensus, while revenue rose 59.7% year over year. Analysts maintain a Moderate Buy consensus with an average price target of $162.50, above the stock’s $133.79 opening price.

Janus Henderson Group PLC boosted its stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 933,993 shares of the company's stock after purchasing an additional 138,368 shares during the period. Janus Henderson Group PLC owned approximately 3.52% of Palomar worth $111,664,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PLMR. HighTower Advisors LLC grew its stake in shares of Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company's stock valued at $2,374,000 after buying an additional 15,273 shares in the last quarter. Moran Wealth Management LLC purchased a new position in Palomar in the 4th quarter worth approximately $2,473,000. Stephens Investment Management Group LLC grew its position in Palomar by 19.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company's stock valued at $93,566,000 after acquiring an additional 114,859 shares in the last quarter. Vanguard Group Inc. grew its position in Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock valued at $363,620,000 after acquiring an additional 67,038 shares in the last quarter. Finally, Danske Bank A S grew its position in Palomar by 69.9% in the fourth quarter. Danske Bank A S now owns 138,295 shares of the company's stock valued at $18,637,000 after acquiring an additional 56,898 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Tuesday, July 21st. The shares were 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 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 document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 3,000 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the sale, the president owned 66,478 shares of the company's stock, valued at approximately $9,273,681. The trade was a 4.32% 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 have sold 20,843 shares of company stock valued at $2,711,683. Corporate insiders own 3.70% of the company's stock.

Palomar Stock Down 1.8%

Shares of Palomar stock opened at $133.79 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The firm has a market cap of $3.55 billion, a P/E ratio of 18.63 and a beta of 0.41. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The business has a 50-day moving average price of $124.31 and a 200 day moving average price of $123.52.

Palomar (NASDAQ:PLMR - Get Free Report) last released its 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. The company had revenue of $278.94 million for 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%.Palomar's quarterly revenue was up 59.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.87 EPS. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 8.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. Weiss Ratings raised shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Piper Sandler lifted their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a report on Monday, July 20th. Finally, Zacks Research cut shares of 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 assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $162.50.

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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