Empowered Funds LLC Makes New $23.32 Million Investment in Palomar Holdings, Inc. $PLMR

Empowered Funds LLC acquired a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 195,118 shares of the company’s stock, valued at approximately $23,317,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PLMR. HighTower Advisors LLC boosted its holdings in Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after acquiring an additional 15,273 shares during the last quarter. Moran Wealth Management LLC acquired a new stake in Palomar in the fourth quarter worth about $2,473,000. Stephens Investment Management Group LLC raised its holdings in Palomar by 19.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after purchasing an additional 114,859 shares during the last quarter. Vanguard Group Inc. raised its holdings in Palomar by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares during the last quarter. Finally, Danske Bank A S lifted its position in Palomar by 69.9% during the 4th 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 during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palomar

In related news, insider Timothy Carter sold 480 shares of Palomar stock in a transaction that occurred on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider owned 1,670 shares of the company’s stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the transaction, the president owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This represents a 4.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 20,843 shares of company stock worth $2,711,683 in the last ninety days. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PLMR shares. Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Piper Sandler boosted their price target on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.50.

Palomar Trading Up 1.7%

NASDAQ:PLMR opened at $143.16 on Wednesday. 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 1-year low of $100.81 and a 1-year high of $147.62. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 19.94 and a beta of 0.41. The business’s 50-day moving average price is $122.94 and its two-hundred day moving average price is $123.31.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 22.62% and a net margin of 20.11%.The company’s revenue for the quarter was up 59.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.87 EPS. On average, equities analysts expect that Palomar Holdings, Inc. will post 8.9 earnings per share for the current year.

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.