Bessemer Group Inc. Sells 34,709 Shares of Palomar Holdings, Inc. $PLMR

Bessemer Group Inc. trimmed its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 22.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 119,196 shares of the company’s stock after selling 34,709 shares during the period. Bessemer Group Inc.’s holdings in Palomar were worth $14,242,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new position in Palomar in the 4th quarter worth approximately $32,000. Kestra Advisory Services LLC bought a new position in Palomar in the 4th quarter worth approximately $33,000. Rockefeller Capital Management L.P. grew its holdings in Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after buying an additional 132 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in Palomar during the 4th quarter valued at approximately $54,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Palomar during the first quarter valued at approximately $66,000. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Performance

NASDAQ:PLMR opened at $135.44 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The stock’s 50 day simple moving average is $119.29 and its two-hundred day simple moving average is $123.22. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 18.86 and a beta of 0.41.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data 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 business had revenue of $278.94 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.87 EPS. As a group, equities analysts anticipate that Palomar Holdings, Inc. will post 8.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 6,863 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the transaction, the president owned 66,478 shares in the company, valued at $9,273,681. This trade represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00. Following the completion of the transaction, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at $37,207,668.48. The trade was 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. Over the last 90 days, insiders have sold 17,843 shares of company stock worth $2,270,468. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PLMR. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $162.00 to $166.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Piper Sandler lifted their price target on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Finally, Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $158.25.

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.