Bessemer Group Inc. Has $17.94 Million Position in Palomar Holdings, Inc. $PLMR

Bessemer Group Inc. raised its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 41.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,683 shares of the company’s stock after purchasing an additional 44,745 shares during the quarter. Bessemer Group Inc. owned approximately 0.57% of Palomar worth $17,943,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLMR. California State Teachers Retirement System raised its position in shares of Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after purchasing an additional 97 shares during the period. Bank of Montreal Can grew its stake in Palomar by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock valued at $889,000 after buying an additional 98 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in Palomar by 1.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company’s stock valued at $1,212,000 after buying an additional 113 shares during the last quarter. Hollencrest Capital Management raised its holdings in Palomar by 56.5% in the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after acquiring an additional 113 shares during the period. Finally, Arizona State Retirement System lifted its position in Palomar by 1.6% during the third quarter. Arizona State Retirement System now owns 7,900 shares of the company’s stock worth $922,000 after acquiring an additional 124 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO T Christopher Uchida sold 2,103 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 value of $252,107.64. Following the completion of the transaction, the chief financial officer owned 11,473 shares of the company’s stock, valued at $1,375,383.24. The trade was a 15.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 11,484 shares of the company’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 sale, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at $10,997,431.56. This represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 58,998 shares of company stock worth $7,255,669. Company insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. boosted their price target on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods lifted their target price on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $159.50.

Palomar Trading Down 1.2%

Shares of PLMR stock opened at $127.62 on Friday. The stock has a market cap of $3.38 billion, a P/E ratio of 19.91 and a beta of 0.44. Palomar Holdings, Inc. has a 1 year low of $107.75 and a 1 year high of $175.85. The stock has a 50 day simple moving average of $127.78 and a 200 day simple moving average of $123.40.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, November 6th. The company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.45. The firm had revenue of $244.66 million during the quarter, compared to analysts’ expectations of $207.98 million. Palomar had a return on equity of 21.93% and a net margin of 22.59%.During the same period in the previous year, the firm earned $1.23 EPS. Analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar Company 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.