Palomar Holdings, Inc. $PLMR Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group cut its Palomar Holdings stake by 37.6% in the first quarter, selling 78,130 shares and leaving it with 129,573 shares valued at about $15.5 million.
• Palomar insiders have also been selling: CEO Mac Armstrong sold 3,500 shares in a Rule 10b5-1 transaction, and insider Timothy Carter sold 480 shares to cover tax withholding obligations. Insiders have sold 14,343 shares worth about $1.81 million over the last 90 days.
• Analysts remain generally positive on the stock, with four Buy ratings and two Hold ratings; the consensus rating is Moderate Buy with an average price target of $162.50. Palomar also recently beat EPS expectations in its latest quarterly report, though revenue came in below estimates.

Principal Financial Group Inc. reduced its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 37.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,573 shares of the company's stock after selling 78,130 shares during the quarter. Principal Financial Group Inc. owned 0.49% of Palomar worth $15,484,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PLMR. Summit Global Investments grew its position in Palomar by 1.7% in the fourth quarter. Summit Global Investments now owns 4,646 shares of the company's stock worth $626,000 after buying an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Palomar by 3.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company's stock valued at $333,000 after acquiring an additional 82 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Palomar by 2.0% during the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company's stock worth $602,000 after acquiring an additional 88 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of 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. Finally, Covestor Ltd grew its holdings in shares of Palomar by 11.7% in the 4th quarter. Covestor Ltd now owns 1,254 shares of the company's stock worth $169,000 after acquiring an additional 131 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the sale, the chief executive officer directly owned 329,388 shares of the company's stock, valued at $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider owned 1,670 shares in the company, valued at approximately $207,564.30. This trade represents a 22.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 14,343 shares of company stock worth $1,812,773 in the last ninety days. Corporate insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 18th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Zacks Research lowered shares of Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Piper Sandler raised their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a research report on Monday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $162.50.

Palomar Stock Down 1.0%

NASDAQ:PLMR opened at $129.18 on Friday. The business's fifty day moving average price is $121.28 and its 200 day moving average price is $123.13. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of 17.99 and a beta of 0.41. 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 1-year low of $100.81 and a 1-year high of $147.62.

Palomar (NASDAQ:PLMR - Get Free Report) last announced 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. The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business's quarterly revenue was up 59.7% compared to the same quarter last year. During the same period last year, the company posted $1.87 EPS. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 8.9 earnings per share 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.

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