Palomar Holdings, Inc. $PLMR Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 48.0% during the 4th quarter, Holdings Channel reports. The fund owned 8,630 shares of the company’s stock after selling 7,957 shares during the quarter. Hsbc Holdings PLC’s holdings in Palomar were worth $1,170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PLMR. Janus Henderson Group PLC raised its holdings in Palomar by 250.1% during the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after purchasing an additional 568,360 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Palomar by 290.2% in the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after purchasing an additional 369,697 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Palomar by 290.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock worth $41,605,000 after purchasing an additional 229,681 shares during the period. Finally, Atlas Capital Advisors Inc. acquired a new position in Palomar during the 4th quarter worth approximately $24,477,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLMR. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Piper Sandler cut their price objective on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Keefe, Bruyette & Woods raised their target price on Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Evercore set a $152.00 price target on Palomar in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.00.

Insider Activity

In other news, President Jon Christianson sold 6,863 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at $9,273,681. This represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the transaction, the chief executive officer owned 329,388 shares in the company, valued at approximately $37,207,668.48. This trade represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,977 shares of company stock valued at $2,933,488 in the last ninety days. Company insiders own 3.70% of the company’s stock.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $136.07 on Monday. The firm has a market cap of $3.61 billion, a P/E ratio of 18.95 and a beta of 0.41. The firm’s 50 day moving average price is $117.14 and its 200 day moving average price is $123.15. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same period last year, the company earned $1.87 EPS. The firm’s quarterly revenue was up 59.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Palomar Holdings, Inc. will post 8.93 earnings per share 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.