JPMorgan Chase & Co. Buys 9,831 Shares of Palomar Holdings, Inc. $PLMR

JPMorgan Chase & Co. increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 12.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 88,841 shares of the company’s stock after buying an additional 9,831 shares during the quarter. JPMorgan Chase & Co.’s holdings in Palomar were worth $10,372,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in Palomar by 234.1% in the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after acquiring an additional 559,383 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after purchasing an additional 369,697 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Palomar by 81.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after purchasing an additional 330,592 shares during the period. Orion Porfolio Solutions LLC raised its holdings in shares of Palomar by 2,753.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 180,491 shares of the company’s stock worth $27,841,000 after purchasing an additional 174,165 shares during the period. Finally, Freestone Grove Partners LP lifted its stake in Palomar by 128.2% in the third quarter. Freestone Grove Partners LP now owns 225,517 shares of the company’s stock valued at $26,329,000 after purchasing an additional 126,689 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

PLMR has been the subject of several research reports. Evercore initiated coverage on Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective for the company. JPMorgan Chase & Co. upped their price target on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Finally, Keefe, Bruyette & Woods boosted their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $163.00.

Insider Activity at Palomar

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $35,979.24. Following the completion of the transaction, the insider owned 27,579 shares in the company, valued at $3,531,215.16. This trade represents a 1.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 783 shares of Palomar stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $100,255.32. Following the transaction, the chief financial officer directly owned 14,752 shares of the company’s stock, valued at $1,888,846.08. The trade was a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,808 shares of company stock worth $7,439,365 in the last 90 days. 3.70% of the stock is owned by company insiders.

Palomar Trading Down 3.7%

PLMR opened at $116.83 on Friday. Palomar Holdings, Inc. has a 12 month low of $107.75 and a 12 month high of $175.85. The company has a market cap of $3.12 billion, a PE ratio of 16.27 and a beta of 0.46. The company has a 50 day moving average of $124.01 and a 200 day moving average of $122.98.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. During the same quarter in the prior year, the business posted $1.52 earnings per share. The business’s quarterly revenue was up 62.7% on a year-over-year basis. Research analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share 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.