Victory Capital Management Inc. Has $12.02 Million Position in Palomar Holdings, Inc. $PLMR

Key Points

• Victory Capital Management cut its stake in Palomar by 49.0% in Q3, selling 98,979 shares and leaving a position of 102,951 shares worth $12.02 million (about 0.39% of the company).
• Wall Street consensus is a Buy with an average price target of $163; Palomar recently beat Q results with $2.24 EPS vs. $2.06 expected and revenue of $253.36M (up 62.7% year‑over‑year).
• Company insiders sold a total of 58,999 shares worth $7.25M over the last quarter (insiders now own 3.70%), while institutional investors hold roughly 90.25% of the stock.

Victory Capital Management Inc. lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 49.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,951 shares of the company's stock after selling 98,979 shares during the quarter. Victory Capital Management Inc. owned 0.39% of Palomar worth $12,020,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its holdings in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock valued at $46,000 after purchasing an additional 94 shares in the last quarter. California State Teachers Retirement System raised 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 buying an additional 97 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Palomar by 1.7% during the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company's stock worth $889,000 after buying an additional 98 shares during the period. Hollencrest Capital Management lifted its position in shares of Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company's stock worth $48,000 after buying an additional 113 shares during the period. Finally, Arizona State Retirement System grew its position in Palomar by 1.6% in the third quarter. Arizona State Retirement System now owns 7,900 shares of the company's stock valued at $922,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. JPMorgan Chase & Co. upped their target price on shares of Palomar from $155.00 to $160.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings upgraded shares of Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $170.00 to $171.00 and gave the company an "outperform" rating in a report on Tuesday, January 6th. Finally, Evercore initiated coverage on shares of Palomar in a research note on Monday, February 9th. They set an "outperform" rating and a $150.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Palomar presently has a consensus rating of "Buy" and an average price target of $163.00.

Insiders Place Their Bets

In other Palomar news, insider Angela L. Grant sold 260 shares of the stock in a transaction on Saturday, January 31st. The stock was sold at an average price of $121.75, for a total value of $31,655.00. Following the transaction, the insider directly owned 7,033 shares in the company, valued at approximately $856,267.75. This trade represents a 3.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 522 shares of Palomar stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $66,836.88. Following the completion of the sale, the president directly owned 65,919 shares of the company's stock, valued at $8,440,268.76. This trade represents a 0.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,999 shares of company stock valued at $7,253,229 over the last quarter. Company insiders own 3.70% of the company's stock.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $119.91 on Thursday. The business has a fifty day moving average of $126.74 and a 200-day moving average of $123.30. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85. The firm has a market cap of $3.20 billion, a PE ratio of 16.70 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, topping analysts' consensus estimates of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm had revenue of $253.36 million for the quarter, compared to analyst estimates of $204.58 million. During the same quarter in the prior year, the firm earned $1.52 EPS. The company's revenue was up 62.7% on a year-over-year basis. On average, analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal 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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