Magnetar Financial LLC Increases Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Magnetar Financial LLC increased its stake by 533.7% in Palomar during Q3, adding 13,352 shares to hold 15,854 shares worth about $1.85 million (roughly 0.06% of the company).
• Palomar beat estimates with EPS $2.24 (vs. $2.06) and revenue of $253.36M (up 62.7% YoY), and analysts maintain an average Buy rating with a $163 average price target.
• Insiders sold 58,999 shares worth roughly $7.25M over the last quarter (including CEO sales), leaving insiders with 3.70% ownership while institutional investors hold about 90.25% of the stock.

Magnetar Financial LLC raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 533.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,854 shares of the company's stock after acquiring an additional 13,352 shares during the quarter. Magnetar Financial LLC owned approximately 0.06% of Palomar worth $1,851,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in PLMR. Allworth Financial LP lifted its stake in Palomar by 1,970.0% during the second quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after purchasing an additional 197 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in Palomar during the third quarter worth approximately $25,000. Richardson Financial Services Inc. raised its holdings in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company's stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Hollencrest Capital Management lifted its position in shares of Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company's stock worth $48,000 after buying an additional 113 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its position in shares of Palomar by 31.0% during the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock worth $46,000 after buying an additional 94 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analysts Set New Price Targets

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

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $119.80 on Friday. The stock has a market cap of $3.20 billion, a P/E ratio of 16.69 and a beta of 0.46. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The firm has a fifty day moving average price of $126.45 and a 200 day moving average price of $123.28.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $253.36 million during the quarter, compared to analysts' expectations of $204.58 million. During the same period in the prior year, the company earned $1.52 earnings per share. The business's revenue was up 62.7% compared to the same quarter last year. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Activity

In other news, insider Jonathan Knutzen sold 281 shares of the business's 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 $35,979.24. Following the transaction, the insider owned 27,579 shares of the company's stock, valued at approximately $3,531,215.16. The trade was a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $122.60, for a total value of $613,000.00. Following the sale, the chief executive officer owned 343,388 shares of the company's stock, valued at $42,099,368.80. This trade represents a 1.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 58,999 shares of company stock worth $7,253,229 over the last quarter. 3.70% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.