SG Americas Securities LLC Sells 5,040 Shares of Palomar Holdings, Inc. $PLMR

SG Americas Securities LLC lessened its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 40.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 7,450 shares of the company’s stock after selling 5,040 shares during the period. SG Americas Securities LLC’s holdings in Palomar were worth $890,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Summit Global Investments grew its holdings in Palomar by 1.7% in the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after buying an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Palomar by 3.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after buying an additional 82 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Palomar by 2.0% in the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after acquiring an additional 88 shares during the period. California State Teachers Retirement System boosted its position in shares of Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after acquiring an additional 97 shares during the period. Finally, Covestor Ltd grew its stake in shares of Palomar by 11.7% in the fourth quarter. Covestor Ltd now owns 1,254 shares of the company’s stock worth $169,000 after acquiring an additional 131 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

PLMR has been the topic of a number of research reports. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods dropped their price objective on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Piper Sandler cut their price objective on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $147.75.

Insider Activity at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value of $395,360.00. Following the sale, the chief executive officer owned 329,388 shares in the company, valued at approximately $37,207,668.48. The trade was a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of the company’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total transaction of $249,136.94. Following the completion of the sale, the president directly owned 65,919 shares in the company, valued at approximately $8,478,501.78. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 19,114 shares of company stock valued at $2,351,100 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

Palomar Price Performance

Shares of PLMR opened at $140.00 on Monday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $115.64 and a two-hundred day moving average price of $122.84. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 19.50 and a beta of 0.41. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $148.53.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same period in the prior year, the company posted $1.87 EPS. The company’s revenue was up 59.7% compared to the same quarter last year. Equities analysts predict that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal 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.