Kornitzer Capital Management Inc. KS Decreases Stock Position in Palomar Holdings, Inc. $PLMR

Kornitzer Capital Management Inc. KS lessened its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 26.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 64,843 shares of the company’s stock after selling 23,270 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.24% of Palomar worth $7,570,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in PLMR. American Century Companies Inc. lifted its stake in Palomar by 2.1% in the second quarter. American Century Companies Inc. now owns 846,312 shares of the company’s stock worth $130,544,000 after acquiring an additional 17,188 shares during the last quarter. Invesco Ltd. lifted its position in shares of Palomar by 234.1% during the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock worth $123,147,000 after purchasing an additional 559,383 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Palomar by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company’s stock worth $101,436,000 after purchasing an additional 13,802 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in shares of Palomar by 3.6% during the third quarter. Stephens Investment Management Group LLC now owns 579,458 shares of the company’s stock worth $67,652,000 after purchasing an additional 19,908 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after buying an additional 369,697 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PLMR shares. Keefe, Bruyette & Woods increased their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Finally, Evercore ISI reduced their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average target price of $159.50.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the transaction, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. The trade was a 8.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jonathan Knutzen sold 281 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $36,204.04. Following the sale, the insider owned 21,565 shares in the company, valued at approximately $2,778,434.60. The trade was a 1.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,586 shares of company stock valued at $1,999,706 in the last 90 days. Insiders own 3.70% of the company’s stock.

Palomar Price Performance

Palomar stock opened at $121.87 on Wednesday. The business has a 50 day simple moving average of $127.72 and a 200-day simple moving average of $124.11. Palomar Holdings, Inc. has a 12 month low of $104.47 and a 12 month high of $175.85. The stock has a market capitalization of $3.23 billion, a PE ratio of 19.01 and a beta of 0.42.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Thursday, November 6th. The company reported $2.01 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $1.23 EPS. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS 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.