Westfield Capital Management Co. LP Has $113.23 Million Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Westfield Capital Management increased its stake in Palomar Holdings by 13.8% in the fourth quarter, ending with 840,226 shares valued at about $113.23 million.
• Wall Street sentiment remains positive overall, with four analysts rating Palomar a Buy and two a Hold; the consensus rating is Moderate Buy with a price target of $147.75.
• Palomar’s latest earnings beat EPS estimates, reporting $2.31 per share versus the expected $2.17, while revenue rose 59.7% year over year to $278.94 million.

Westfield Capital Management Co. LP grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 13.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 840,226 shares of the company's stock after acquiring an additional 101,698 shares during the period. Westfield Capital Management Co. LP owned 3.17% of Palomar worth $113,229,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Palomar in the fourth quarter valued at approximately $32,000. Clearstead Advisors LLC raised its position in shares of Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company's stock valued at $46,000 after buying an additional 94 shares in the last quarter. Frazier Financial Advisors LLC acquired a new stake in shares of Palomar in the fourth quarter valued at approximately $54,000. IFP Advisors Inc raised its position in shares of Palomar by 43.9% in the third quarter. IFP Advisors Inc now owns 482 shares of the company's stock valued at $56,000 after buying an additional 147 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Palomar in the third quarter valued at approximately $57,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They issued an "outperform" rating and a $150.00 price target for the company. Weiss Ratings downgraded shares of Palomar from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. 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. Piper Sandler dropped their price target on shares of Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Palomar from $160.00 to $150.00 and set an "overweight" rating for the company in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.75.

Insider Buying and Selling

In related news, President Jon Christianson sold 3,000 shares of Palomar stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total value of $375,000.00. Following the transaction, the president directly owned 62,919 shares of the company's stock, valued at $7,864,875. This trade represents a 4.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00. Following the completion of the transaction, the chief executive officer directly owned 339,888 shares in the company, valued at $40,983,695.04. This trade represents a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,634 shares of company stock worth $2,318,111 over the last three months. 3.70% of the stock is currently owned by insiders.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $103.27 on Friday. The company's 50 day simple moving average is $118.64 and its 200 day simple moving average is $123.42. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 14.38 and a beta of 0.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $172.12.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.17 by $0.14. The business had revenue of $278.94 million for the quarter, compared to analysts' expectations of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm's quarterly revenue was up 59.7% compared to the same quarter last year. During the same period last year, the firm posted $1.87 earnings per share. As a group, research analysts predict that Palomar Holdings, Inc. will post 8.95 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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