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

Key Points

• Stephens Investment Management Group LLC increased its stake in Palomar Holdings by 3.0% in the first quarter, buying 20,597 additional shares and bringing its total to 714,914 shares worth about $85.4 million.
• Insider selling was notable: CEO Mac Armstrong and insider Timothy Carter both sold shares, and insiders have sold 19,114 shares worth $2.35 million over the last 90 days.
• Palomar reported better-than-expected quarterly EPS of $2.31, but revenue came in well below analyst expectations; meanwhile, analysts currently rate the stock a Moderate Buy with an average price target of $147.75.

Stephens Investment Management Group LLC grew its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 714,914 shares of the company's stock after purchasing an additional 20,597 shares during the quarter. Palomar makes up about 1.2% of Stephens Investment Management Group LLC's investment portfolio, making the stock its 17th biggest position. Stephens Investment Management Group LLC owned 2.70% of Palomar worth $85,432,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in Palomar in the fourth quarter valued at $32,000. Kestra Advisory Services LLC acquired a new stake in Palomar in the 4th quarter worth about $33,000. Rockefeller Capital Management L.P. boosted its stake in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock worth $40,000 after buying an additional 132 shares during the last quarter. Frazier Financial Advisors LLC acquired a new stake in Palomar in the 4th quarter worth about $54,000. Finally, NewEdge Advisors LLC purchased a new stake in Palomar in the 1st quarter valued at about $66,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00. Following the transaction, the chief executive officer directly owned 329,388 shares of the company's stock, valued at approximately $37,207,668.48. The trade was a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the stock in a transaction that occurred on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the sale, the insider directly owned 1,670 shares of the company's stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 19,114 shares of company stock worth $2,351,100. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on PLMR. Weiss Ratings raised shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $160.00 to $150.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Piper Sandler lowered their target price on shares of Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a report on Monday, May 11th. Keefe, Bruyette & Woods dropped their price target on shares of Palomar from $186.00 to $159.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Finally, Zacks Research downgraded shares of Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $147.75.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $140.00 on Friday. The stock has a fifty day moving average price of $115.64 and a 200 day moving average price of $122.86. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $148.53. The company has a market cap of $3.71 billion, a P/E ratio of 19.50 and a beta of 0.41.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million for the quarter, compared to analysts' expectations of $557.79 million. During the same quarter in the previous year, the firm posted $1.87 earnings per share. The firm's quarterly revenue was up 59.7% on a year-over-year basis. Research analysts anticipate that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal year.

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.

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.