Palomar Holdings, Inc. $PLMR Shares Sold by Comerica Bank

Key Points

• Comerica Bank sharply cut its Palomar stake in the fourth quarter, reducing holdings by 85.1% to 7,145 shares worth about $963,000. Other institutional investors were mixed, while institutions and hedge funds still own 90.25% of the company.
• Palomar insiders sold shares recently, including CFO T. Christopher Uchida and President Jon Christianson. Over the last three months, insiders sold 21,720 shares valued at $2.73 million.
• Analysts remain generally positive on PLMR, with an average rating of “Buy” and an average target price of $161.75. The company also beat quarterly EPS estimates, reporting $2.31 per share on revenue that rose 59.7% year over year.

Comerica Bank lowered its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 85.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,145 shares of the company's stock after selling 40,708 shares during the period. Comerica Bank's holdings in Palomar were worth $963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA raised its position in Palomar by 10.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 4,440 shares of the company's stock worth $598,000 after acquiring an additional 408 shares during the last quarter. Kickstand Ventures LLC. acquired a new position in Palomar during the fourth quarter worth about $315,000. Vanguard Group Inc. raised its position in Palomar by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company's stock worth $363,620,000 after acquiring an additional 67,038 shares during the last quarter. Calamos Advisors LLC acquired a new position in Palomar during the fourth quarter worth about $2,344,000. Finally, Geneos Wealth Management Inc. acquired a new position in Palomar during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 90.25% of the company's stock.

Insider Activity

In other news, CFO T Christopher Uchida sold 783 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The shares were 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 $1,888,846.08. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Jon Christianson sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total transaction of $375,000.00. Following the completion of the transaction, the president directly owned 62,919 shares of the company's stock, valued at approximately $7,864,875. This represents a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 21,720 shares of company stock worth $2,733,817. Corporate insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Evercore assumed 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. Zacks Research upgraded shares of Palomar from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted 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. Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings cut shares of Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $161.75.

Palomar Stock Performance

NASDAQ:PLMR opened at $113.36 on Friday. The firm has a 50 day simple moving average of $123.26 and a 200-day simple moving average of $124.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.50. The firm has a market cap of $3.01 billion, a PE ratio of 15.79 and a beta of 0.49. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. The business had revenue of $278.94 million during 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 company's revenue was up 59.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 earnings per share. On average, equities analysts expect that Palomar Holdings, Inc. will post 8.97 EPS for the current year.

Palomar 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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