Diversify Wealth Management LLC Acquires Shares of 8,500 Palomar Holdings, Inc. $PLMR

Diversify Wealth Management LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,500 shares of the company’s stock, valued at approximately $1,054,000.

A number of other institutional investors have also recently bought and sold shares of PLMR. Geneos Wealth Management Inc. bought a new position in shares of Palomar during the 4th quarter valued at approximately $32,000. Kestra Advisory Services LLC purchased a new position in shares of Palomar during the fourth quarter worth about $33,000. Rockefeller Capital Management L.P. grew its position in Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after acquiring an additional 132 shares in the last quarter. Frazier Financial Advisors LLC purchased a new position in shares of Palomar during the 4th quarter valued at about $54,000. Finally, IFP Advisors Inc grew its position in Palomar by 43.9% during the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock valued at $56,000 after acquiring an additional 147 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

PLMR stock opened at $131.69 on Thursday. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 18.34 and a beta of 0.41. The firm’s 50-day moving average price is $118.43 and its two-hundred day moving average price is $123.13. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. The company 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%. Palomar’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.87 earnings per share. As a group, equities analysts predict that Palomar Holdings, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Piper Sandler increased their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered their price target on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $158.25.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction that occurred on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the transaction, the insider directly owned 1,670 shares in the company, valued at $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 17,843 shares of company stock valued at $2,270,468 in the last 90 days. Insiders own 3.70% of the company’s stock.

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.