Palomar Holdings, Inc. (NASDAQ:PLMR) Sees Large Decrease in Short Interest

Palomar Holdings, Inc. (NASDAQ:PLMR) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 425,364 shares, a drop of 13.1% from the January 15th total of 489,211 shares. Based on an average trading volume of 187,309 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.7% of the company’s stock are sold short. Currently, 1.7% of the company’s stock are sold short. Based on an average trading volume of 187,309 shares, the days-to-cover ratio is currently 2.3 days.

Palomar Trading Up 4.0%

PLMR stock opened at $132.10 on Tuesday. The stock’s 50 day simple moving average is $129.07 and its 200 day simple moving average is $123.14. Palomar has a 12-month low of $107.75 and a 12-month high of $175.85. The firm has a market cap of $3.50 billion, a P/E ratio of 18.40 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released 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. The firm had revenue of $492.63 million during the quarter, compared to the consensus estimate of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s revenue was up 62.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.52 earnings per share. On average, research analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 545 shares of Palomar stock in a transaction on Saturday, January 31st. The shares were sold at an average price of $121.74, for a total transaction of $66,348.30. Following the sale, the chief financial officer owned 14,005 shares of the company’s stock, valued at $1,704,968.70. The trade was a 3.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jonathan Knutzen sold 290 shares of the business’s stock in a transaction on Saturday, January 31st. The stock was sold at an average price of $121.74, for a total transaction of $35,304.60. Following the completion of the transaction, the insider owned 27,248 shares in the company, valued at $3,317,171.52. This represents a 1.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 62,413 shares of company stock valued at $7,664,458. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palomar

Large investors have recently bought and sold shares of the business. MML Investors Services LLC grew its holdings in shares of Palomar by 9.1% during the fourth quarter. MML Investors Services LLC now owns 4,427 shares of the company’s stock valued at $597,000 after purchasing an additional 371 shares during the last quarter. Mariner LLC boosted its position in Palomar by 72.1% during the 4th quarter. Mariner LLC now owns 3,076 shares of the company’s stock valued at $414,000 after purchasing an additional 1,289 shares during the period. FJ Capital Management LLC bought a new position in Palomar during the 4th quarter worth $521,000. Barclays PLC grew its stake in Palomar by 4.9% during the 4th quarter. Barclays PLC now owns 149,826 shares of the company’s stock worth $20,191,000 after buying an additional 7,049 shares during the last quarter. Finally, Atlas Capital Advisors Inc. acquired a new stake in Palomar in the fourth quarter worth $24,477,000. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLMR. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Keefe, Bruyette & Woods upped their target price on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. raised their price target on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Finally, Evercore ISI assumed coverage on shares of Palomar in a report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.14.

About Palomar

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.