Palomar Holdings, Inc. $PLMR Shares Bought by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its Palomar Holdings stake by 652.7% in the fourth quarter, buying 15,273 additional shares and ending with 17,613 shares worth about $2.37 million.
• Palomar reported Q1 earnings of $2.31 per share, beating estimates, while revenue rose 59.7% year over year. Analysts currently rate the stock a Moderate Buy with a consensus target price of $147.75.
• Several insiders have recently sold shares, including CEO Mac Armstrong and President Jon Christianson, though the company still has strong institutional ownership at about 90.25%.

HighTower Advisors LLC boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 652.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,613 shares of the company's stock after purchasing an additional 15,273 shares during the period. HighTower Advisors LLC owned approximately 0.07% of Palomar worth $2,374,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company's stock worth $333,000 after buying an additional 82 shares during the last quarter. Clearstead Advisors LLC raised its stake in Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock worth $46,000 after acquiring an additional 94 shares during the last quarter. California State Teachers Retirement System raised its stake in Palomar by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock worth $3,734,000 after acquiring an additional 97 shares during the last quarter. Arizona State Retirement System raised its stake in Palomar by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 7,900 shares of the company's stock worth $922,000 after acquiring an additional 124 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in Palomar by 43.9% in the 3rd quarter. IFP Advisors Inc now owns 482 shares of the company's stock worth $56,000 after acquiring an additional 147 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $114.39, for a total transaction of $400,365.00. Following the sale, the chief executive officer directly owned 332,888 shares of the company's stock, valued at approximately $38,079,058.32. This trade represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total value of $249,136.94. Following the sale, the president directly owned 65,919 shares in the company, valued at $8,478,501.78. This represents a 2.85% decrease in their ownership of the stock. 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 a total of 18,634 shares of company stock worth $2,318,111 over the last ninety days. 3.70% of the stock is owned by insiders.

Palomar Price Performance

Shares of PLMR opened at $107.04 on Monday. The business's 50-day moving average is $119.82 and its two-hundred day moving average is $124.18. The company has a market capitalization of $2.84 billion, a P/E ratio of 14.91 and a beta of 0.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. Palomar Holdings, Inc. has a fifty-two week low of $105.51 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate 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%.The firm's revenue for the quarter was up 59.7% compared to the same quarter last year. During the same period last year, the firm earned $1.87 EPS. Research analysts predict that Palomar Holdings, Inc. will post 8.94 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Palomar from $160.00 to $150.00 and set an "overweight" rating for the company in a research note on Tuesday, May 26th. Piper Sandler reduced their target price on Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a research note on Monday, May 11th. Zacks Research lowered Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Weiss Ratings lowered Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Palomar has an average rating of "Moderate Buy" and a consensus target price of $147.75.

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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