Thrivent Financial for Lutherans Reduces Position in Palomar Holdings, Inc. $PLMR

Thrivent Financial for Lutherans decreased its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 15.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,911 shares of the company’s stock after selling 4,500 shares during the period. Thrivent Financial for Lutherans owned about 0.09% of Palomar worth $2,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. lifted its position in Palomar by 2.1% during the second quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock valued at $130,544,000 after purchasing an additional 17,188 shares in the last quarter. Invesco Ltd. raised its stake in shares of Palomar by 234.1% in the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after buying an additional 559,383 shares during the period. Geode Capital Management LLC lifted its position in shares of Palomar by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock valued at $101,436,000 after buying an additional 13,802 shares in the last quarter. Stephens Investment Management Group LLC grew its stake in shares of Palomar by 3.6% during the 3rd quarter. Stephens Investment Management Group LLC now owns 579,458 shares of the company’s stock valued at $67,652,000 after acquiring an additional 19,908 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after acquiring an additional 369,697 shares during the period. 90.25% of the stock is owned by institutional investors.

Insider Activity

In other news, President Jon Christianson sold 1,991 shares of Palomar stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $238,681.08. Following the sale, the president directly owned 62,985 shares of the company’s stock, valued at approximately $7,550,641.80. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $252,107.64. Following the transaction, the chief financial officer directly owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. The trade was a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,998 shares of company stock worth $7,255,669 over the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Evercore ISI began coverage on Palomar in a research note on Monday. They issued an “outperform” rating and a $150.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.14.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $126.54 on Tuesday. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 19.74 and a beta of 0.44. The firm has a fifty day moving average price of $127.87 and a 200 day moving average price of $123.16. Palomar Holdings, Inc. has a fifty-two week low of $107.75 and a fifty-two week high of $175.85.

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.