Renaissance Group LLC Reduces Stock Position in Palomar Holdings, Inc. $PLMR

Renaissance Group LLC reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,895 shares of the company’s stock after selling 6,294 shares during the period. Renaissance Group LLC owned 0.25% of Palomar worth $9,015,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC lifted its holdings in Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock worth $2,374,000 after buying an additional 15,273 shares during the period. JPMorgan Chase & Co. lifted its holdings in Palomar by 12.4% in the third quarter. JPMorgan Chase & Co. now owns 88,841 shares of the company’s stock worth $10,372,000 after buying an additional 9,831 shares during the period. Public Sector Pension Investment Board lifted its holdings in Palomar by 14.6% in the third quarter. Public Sector Pension Investment Board now owns 104,449 shares of the company’s stock worth $12,194,000 after buying an additional 13,270 shares during the period. Moran Wealth Management LLC purchased a new stake in Palomar in the fourth quarter worth about $2,473,000. Finally, Danske Bank A S increased its stake in shares of Palomar by 69.9% during the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after purchasing an additional 56,898 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Price Performance

Shares of PLMR opened at $113.34 on Thursday. The company has a market capitalization of $3.00 billion, a P/E ratio of 15.79 and a beta of 0.44. 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 firm has a 50 day moving average of $117.79 and a 200 day moving average of $122.95. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $165.10.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $1.87 earnings per share. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 8.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $114.39, for a total value of $400,365.00. Following the completion of the sale, the chief executive officer owned 332,888 shares of the company’s stock, valued at approximately $38,079,058.32. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of Palomar stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total transaction of $249,136.94. Following the completion of the sale, the president directly owned 65,919 shares of the company’s stock, valued at approximately $8,478,501.78. This trade represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 18,634 shares of company stock valued at $2,318,111. 3.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PLMR has been the subject of a number of analyst reports. Piper Sandler decreased their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research note on Monday, May 11th. Weiss Ratings downgraded shares of Palomar from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.75.

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.