Fifth Third Bancorp Increases Stock Holdings in Palomar Holdings, Inc. $PLMR

Fifth Third Bancorp boosted its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 4,780.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,126 shares of the company’s stock after acquiring an additional 6,980 shares during the period. Fifth Third Bancorp’s holdings in Palomar were worth $852,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its stake in shares of Palomar by 652.7% during the 4th quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after purchasing an additional 15,273 shares in the last quarter. Moran Wealth Management LLC bought a new position in Palomar in the fourth quarter worth about $2,473,000. Stephens Investment Management Group LLC lifted its holdings in Palomar by 19.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after buying an additional 114,859 shares during the period. Vanguard Group Inc. lifted its holdings in Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after buying an additional 67,038 shares during the period. Finally, Danske Bank A S boosted its position in Palomar by 69.9% during the 4th quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after acquiring an additional 56,898 shares in the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

Palomar stock opened at $137.56 on Monday. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 19.16 and a beta of 0.41. The stock has a fifty day simple moving average of $121.82 and a two-hundred day simple moving average of $123.14. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $557.79 million. During the same period in the prior year, the company posted $1.87 earnings per share. The company’s quarterly revenue was up 59.7% on a year-over-year basis. Equities analysts predict that Palomar Holdings, Inc. will post 8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Timothy Carter sold 480 shares of the firm’s stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the sale, the insider owned 1,670 shares of the company’s stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 6,863 shares of Palomar stock in a transaction that occurred 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 owned 66,478 shares of the company’s stock, valued at $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 14,343 shares of company stock valued at $1,812,773. 3.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Weiss Ratings upgraded 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 research report on Friday, May 15th. Keefe, Bruyette & Woods upped their price target on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Piper Sandler boosted their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Evercore set a $152.00 target price on shares of Palomar in a research report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $162.50.

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.