Palomar Holdings, Inc. (NASDAQ:PLMR) Short Interest Update

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 568,369 shares, a growth of 33.6% from the January 29th total of 425,364 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average daily volume of 390,313 shares, the days-to-cover ratio is presently 1.5 days. Based on an average daily volume of 390,313 shares, the days-to-cover ratio is presently 1.5 days. Currently, 2.2% of the company’s shares are short sold.

Palomar Stock Down 0.4%

PLMR traded down $0.44 on Wednesday, hitting $124.41. 164,834 shares of the company traded hands, compared to its average volume of 269,302. The stock has a market capitalization of $3.32 billion, a PE ratio of 17.33 and a beta of 0.46. Palomar has a 12-month low of $107.75 and a 12-month high of $175.85. The company has a 50 day moving average of $128.10 and a 200-day moving average of $123.28.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. The firm had revenue of $253.36 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $1.52 EPS. On average, research analysts anticipate that Palomar will post 5.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PLMR. JPMorgan Chase & Co. increased their price target on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Evercore initiated coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective on the stock. 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. Finally, Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $163.00.

Insider Activity at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares in the company, valued at $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of Palomar stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the transaction, the chief financial officer owned 11,473 shares in the company, valued at approximately $1,375,383.24. The trade was a 15.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 58,999 shares of company stock worth $7,253,229 in the last quarter. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Palomar by 49.1% during the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after buying an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Palomar by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after purchasing an additional 791 shares during the last quarter. NewEdge Advisors LLC bought a new position in Palomar in the 1st quarter valued at $66,000. United Services Automobile Association acquired a new stake in Palomar during the 1st quarter worth $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Palomar by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock worth $9,960,000 after purchasing an additional 7,754 shares during the period. 90.25% of the stock is owned by institutional investors.

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.