Villere ST Denis J & Co. LLC Sells 13,819 Shares of Palomar Holdings, Inc. $PLMR

Key Points

• Villere ST Denis J & Co. LLC reduced its Palomar Holdings stake by 5.3% in the first quarter, selling 13,819 shares and ending with 246,543 shares worth about $29.5 million.
• Insiders sold shares as well, including CEO Mac Armstrong’s 3,500-share sale and Timothy Carter’s 480-share sale, with insiders collectively selling 22,977 shares over the last quarter.
• Palomar’s fundamentals and analyst outlook remain solid: the company beat EPS estimates in its latest quarter, revenue rose 59.7% year over year, and Wall Street’s consensus rating is “Moderate Buy” with a $150 price target.

Villere ST Denis J & Co. LLC lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 246,543 shares of the company's stock after selling 13,819 shares during the quarter. Palomar comprises approximately 3.2% of Villere ST Denis J & Co. LLC's investment portfolio, making the stock its 8th largest holding. Villere ST Denis J & Co. LLC owned about 0.93% of Palomar worth $29,462,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PLMR. Vanguard Group Inc. raised its holdings 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 buying an additional 67,038 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Palomar by 13.8% during the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock valued at $113,229,000 after buying an additional 101,698 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Palomar by 250.1% during the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock worth $107,237,000 after acquiring an additional 568,360 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Palomar by 72.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock worth $105,809,000 after acquiring an additional 328,993 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in shares of Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company's stock worth $85,432,000 after acquiring an additional 20,597 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Insiders Place Their Bets

In related news, CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 dated Sunday, June 28th. The shares were 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 of the company's stock, valued at approximately $207,564.30. The trade was a 22.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 22,977 shares of company stock valued at $2,933,488. Insiders own 3.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler cut their price target on Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a research note on Monday, May 11th. Zacks Research lowered Palomar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. JPMorgan Chase & Co. cut their target price on Palomar from $160.00 to $150.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods upped their price target on Palomar from $162.00 to $166.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Evercore set a $152.00 price target on Palomar in a research report on Friday. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $150.00.

Palomar Stock Down 2.2%

Palomar stock traded down $3.11 during midday trading on Friday, hitting $136.07. 338,476 shares of the stock were exchanged, compared to its average volume of 306,925. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The business's 50-day moving average price is $117.14 and its 200-day moving average price is $123.25. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 18.95 and a beta of 0.41.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating the consensus estimate 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 net margin of 20.11% and a return on equity of 22.62%. The company's revenue for the quarter was up 59.7% on a year-over-year basis. During the same quarter last year, the business posted $1.87 EPS. On average, research analysts expect that Palomar Holdings, Inc. will post 8.93 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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