Principal Financial Group Inc. Grows Stock Position in Palomar Holdings, Inc. $PLMR

Principal Financial Group Inc. boosted its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 14.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 182,255 shares of the company’s stock after acquiring an additional 22,346 shares during the quarter. Principal Financial Group Inc.’s holdings in Palomar were worth $21,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Salomon & Ludwin LLC bought a new stake in Palomar in the third quarter valued at approximately $25,000. Richardson Financial Services Inc. increased its stake in shares of Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after buying an additional 147 shares during the period. Allworth Financial LP raised its holdings in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after buying an additional 197 shares during the last quarter. Hollencrest Capital Management boosted its position in Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after buying an additional 113 shares during the period. Finally, IFP Advisors Inc grew its holdings in Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after acquiring an additional 284 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

Shares of NASDAQ:PLMR opened at $127.62 on Friday. The firm has a market capitalization of $3.38 billion, a P/E ratio of 19.91 and a beta of 0.44. The stock has a 50 day moving average price of $127.78 and a 200-day moving average price of $123.30. Palomar Holdings, Inc. has a 52-week low of $107.75 and a 52-week high of $175.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results 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 company had revenue of $244.66 million for the quarter, compared to analyst estimates 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 company posted $1.23 earnings per share. On average, equities analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CFO T Christopher Uchida sold 2,103 shares of the business’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $252,107.64. Following the sale, the chief financial officer owned 11,473 shares in the company, valued at approximately $1,375,383.24. The trade was a 15.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Jon Christianson sold 1,991 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $238,681.08. Following the completion of the transaction, the president 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 58,998 shares of company stock valued at $7,255,669. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on PLMR. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. boosted 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. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Finally, Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.50.

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.