Palomar Holdings, Inc. $PLMR Shares Bought by Stephens Investment Management Group LLC

Key Points

• Stephens Investment Management Group increased its Palomar Holdings stake by 19.8% in the fourth quarter, ending with 694,317 shares valued at about $93.6 million. The fund now owns 2.62% of the company and Palomar is its 17th-largest position.
• Several other institutional investors also boosted their holdings, including Vanguard, Sumitomo Mitsui Trust Group, and Westfield Capital. Overall, institutions and hedge funds own 90.25% of Palomar’s stock.
• Palomar’s latest quarterly results beat profit expectations, with EPS of $2.31 versus the $2.17 consensus, while revenue rose 59.7% year over year. However, analysts have mixed reactions, with some lowering price targets and the stock currently carrying an average Buy rating and $150.25 target.

Stephens Investment Management Group LLC grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 19.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 694,317 shares of the company's stock after acquiring an additional 114,859 shares during the quarter. Palomar comprises about 1.2% of Stephens Investment Management Group LLC's holdings, making the stock its 17th largest position. Stephens Investment Management Group LLC owned 2.62% of Palomar worth $93,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Palomar by 2.5% during the 4th 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after acquiring an additional 328,993 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Palomar by 81.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company's stock valued at $86,223,000 after acquiring an additional 330,592 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Palomar by 1.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 596,050 shares of the company's stock valued at $69,584,000 after acquiring an additional 9,731 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock valued at $76,675,000 after acquiring an additional 369,697 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $186.00 to $159.00 and set an "outperform" rating for the company in a research report on Wednesday. Piper Sandler dropped their target price on shares of Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a research report on Monday, May 11th. JPMorgan Chase & Co. increased their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Evercore started coverage on shares of Palomar in a research report on Monday, February 9th. They set an "outperform" rating and a $150.00 target price for the company. Finally, Weiss Ratings downgraded shares of Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $150.25.

Insider Activity

In other news, CFO T Christopher Uchida sold 783 shares of Palomar stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $100,255.32. Following the sale, the chief financial officer owned 14,752 shares in the company, valued at $1,888,846.08. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jonathan Knutzen sold 281 shares of Palomar stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the sale, the insider owned 27,579 shares in the company, valued at $3,531,215.16. This represents a 1.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 16,720 shares of company stock worth $2,120,817. Company insiders own 3.70% of the company's stock.

Palomar Stock Up 0.5%

Shares of NASDAQ PLMR opened at $110.78 on Friday. Palomar Holdings, Inc. has a 12-month low of $107.51 and a 12-month high of $175.85. The company has a market cap of $2.94 billion, a P/E ratio of 15.43 and a beta of 0.49. The company has a current ratio of 0.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $121.61 and a 200 day moving average price of $124.43.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. The company had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business's quarterly revenue was up 59.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 earnings per share. Research analysts anticipate that Palomar Holdings, Inc. will post 8.97 EPS for the current fiscal 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.

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.