Exchange Traded Concepts LLC Takes Position in Palomar Holdings, Inc. $PLMR

Exchange Traded Concepts LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,552 shares of the company’s stock, valued at approximately $765,000.

Several other large investors also recently bought and sold shares of PLMR. American Century Companies Inc. raised its stake in shares of 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 during the period. Invesco Ltd. grew its holdings in Palomar by 234.1% during the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after purchasing an additional 559,383 shares in the last quarter. Geode Capital Management LLC increased its stake in Palomar by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock worth $101,436,000 after buying an additional 13,802 shares during the period. Alliancebernstein L.P. increased its stake in Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after buying an additional 369,697 shares during the period. Finally, Geneva Capital Management LLC lifted its holdings in Palomar by 6.0% in the 2nd quarter. Geneva Capital Management LLC now owns 260,910 shares of the company’s stock worth $40,245,000 after buying an additional 14,733 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Buying and Selling at Palomar

In other Palomar news, insider Jonathan Knutzen sold 281 shares of Palomar stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $36,204.04. Following the completion of the transaction, the insider directly owned 21,565 shares in the company, valued at $2,778,434.60. The trade was a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Jon Christianson sold 1,691 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $139.50, for a total value of $235,894.50. Following the transaction, the president directly owned 59,631 shares of the company’s stock, valued at $8,318,524.50. This trade represents a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 16,494 shares of company stock worth $2,004,566. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PLMR shares. JPMorgan Chase & Co. raised their target price on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average price target of $157.67.

Palomar Trading Up 0.4%

Shares of NASDAQ PLMR opened at $135.38 on Tuesday. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 21.12 and a beta of 0.49. Palomar Holdings, Inc. has a twelve month low of $98.42 and a twelve month high of $175.85. The business has a 50 day simple moving average of $123.64 and a 200-day simple moving average of $127.23.

Palomar (NASDAQ:PLMR) last issued its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The company had revenue of $65.74 million for the quarter. As a group, equities analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

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.