JPMorgan Chase & Co. Grows Position in Palomar Holdings, Inc. $PLMR

Key Points

• JPMorgan Chase & Co. raised its stake in Palomar by 12.4% in Q3 to 88,841 shares (an additional 9,831 shares), holding roughly 0.33% of the company worth about $10.37 million per its latest 13F filing.
• Other institutions massively increased positions—Invesco (+234.1% to 798,361 shares, ~$123.1M), AllianceBernstein (+290.2% to 497,080 shares, ~$76.7M) and Orion (+2,753.2% to 180,491 shares)—leaving about 90.25% of the stock owned by institutional investors and hedge funds.
• Palomar beat Q results (EPS $2.24 vs. $2.06 consensus; revenue $253.36M vs. $204.58M, up 62.7% YoY), has a $3.4B market cap and 17.7 P/E, and carries an average analyst rating of "Buy" with a $163 price target.

JPMorgan Chase & Co. raised its position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 12.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,841 shares of the company's stock after acquiring an additional 9,831 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.33% of Palomar worth $10,372,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Invesco Ltd. increased its position in Palomar by 234.1% during the second quarter. Invesco Ltd. now owns 798,361 shares of the company's stock worth $123,147,000 after buying an additional 559,383 shares during the period. Alliancebernstein L.P. increased its stake in shares of Palomar by 290.2% during the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock worth $76,675,000 after acquiring an additional 369,697 shares during the period. Orion Porfolio Solutions LLC raised its position in Palomar by 2,753.2% in the second quarter. Orion Porfolio Solutions LLC now owns 180,491 shares of the company's stock worth $27,841,000 after acquiring an additional 174,165 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Palomar by 65.7% in the second quarter. Ameriprise Financial Inc. now owns 196,624 shares of the company's stock valued at $30,324,000 after buying an additional 77,992 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Palomar by 303.3% in the second quarter. Intech Investment Management LLC now owns 81,961 shares of the company's stock valued at $12,642,000 after buying an additional 61,638 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

NASDAQ PLMR opened at $127.32 on Friday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 17.73 and a beta of 0.46. Palomar Holdings, Inc. has a 12 month low of $107.75 and a 12 month high of $175.85. The company's fifty day moving average price is $127.53 and its two-hundred day moving average price is $123.36.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. During the same quarter in the previous year, the firm earned $1.52 EPS. The company's revenue was up 62.7% on a year-over-year basis. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total transaction of $35,979.24. Following the transaction, the insider owned 27,579 shares of the company's stock, valued at $3,531,215.16. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 783 shares of Palomar stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the transaction, the chief financial officer owned 14,752 shares of the company's stock, valued at approximately $1,888,846.08. The trade was a 5.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,999 shares of company stock valued at $7,253,229 over the last three months. Company insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

PLMR has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. lifted their target price on Palomar from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They set an "outperform" rating and a $150.00 price target on the stock. Keefe, Bruyette & Woods increased their target price on Palomar from $170.00 to $171.00 and gave the company an "outperform" rating in a research note on Tuesday, January 6th. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Sunday, March 1st. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Palomar presently has an average rating of "Buy" and an average price target of $163.00.

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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