Principal Financial Group Inc. Sells 78,130 Shares of Palomar Holdings, Inc. $PLMR

Principal Financial Group Inc. reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 37.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 129,573 shares of the company’s stock after selling 78,130 shares during the quarter. Principal Financial Group Inc.’s holdings in Palomar were worth $15,484,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Diversify Wealth Management LLC bought a new position in Palomar in the 1st quarter worth $1,054,000. Fifth Third Bancorp grew its position in shares of Palomar by 4,780.8% in the first quarter. Fifth Third Bancorp now owns 7,126 shares of the company’s stock valued at $852,000 after purchasing an additional 6,980 shares during the last quarter. SkyOak Wealth LLC acquired a new stake in shares of Palomar in the first quarter valued at about $238,000. Stephens Investment Management Group LLC increased its stake in shares of Palomar by 3.0% in the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock worth $85,432,000 after purchasing an additional 20,597 shares during the period. Finally, Hunter Associates Investment Management LLC increased its stake in shares of Palomar by 6.4% in the first quarter. Hunter Associates Investment Management LLC now owns 21,567 shares of the company’s stock worth $2,585,000 after purchasing an additional 1,300 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler upped their price target on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $152.00 price objective on Palomar in a research report on Friday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.50.

Insider Activity at Palomar

In other Palomar 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 of the company’s stock, valued at $37,207,668.48. The trade was a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the business’s stock in a transaction on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the sale, the insider directly owned 1,670 shares in the company, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 14,343 shares of company stock worth $1,812,773. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Down 1.0%

PLMR stock opened at $129.18 on Friday. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $147.62. 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 market cap of $3.42 billion, a PE ratio of 17.99 and a beta of 0.41. The business’s 50-day simple moving average is $121.28 and its 200 day simple moving average is $123.13.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS 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 firm had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same quarter in the prior year, the firm posted $1.87 EPS. The company’s revenue for the quarter was up 59.7% on a year-over-year basis. On average, research analysts anticipate that Palomar Holdings, Inc. will post 8.9 earnings per share 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.