Short Interest in Palomar Holdings, Inc. (NASDAQ:PLMR) Declines By 13.1%

Palomar Holdings, Inc. (NASDAQ:PLMR) was the recipient of a large decrease in short interest in the month of January. As of January 30th, there was short interest totaling 425,364 shares, a decrease of 13.1% from the January 15th total of 489,211 shares. Based on an average trading volume of 187,309 shares, the short-interest ratio is presently 2.3 days. Approximately 1.7% of the shares of the company are short sold. Approximately 1.7% of the shares of the company are short sold. Based on an average trading volume of 187,309 shares, the short-interest ratio is presently 2.3 days.

Palomar Stock Down 1.6%

PLMR opened at $129.99 on Wednesday. The business’s fifty day simple moving average is $129.31 and its 200 day simple moving average is $123.14. Palomar has a 52 week low of $107.75 and a 52 week high of $175.85. The stock has a market cap of $3.44 billion, a PE ratio of 18.10 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last issued its quarterly 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. The firm had revenue of $492.63 million during the quarter, compared to analyst estimates of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company’s revenue was up 62.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.52 earnings per share. As a group, equities analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Wall Street Analyst Weigh In

PLMR has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods lifted their price target on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Evercore initiated coverage on Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, Palomar presently has an average rating of “Buy” and a consensus target price of $162.17.

Insider Activity at Palomar

In other news, CFO T Christopher Uchida sold 545 shares of the company’s stock in a transaction on Saturday, January 31st. The stock was sold at an average price of $121.74, for a total transaction of $66,348.30. Following the transaction, the chief financial officer owned 14,005 shares of the company’s stock, valued at $1,704,968.70. This represents a 3.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Angela L. Grant sold 260 shares of the stock in a transaction on Saturday, January 31st. The stock was sold at an average price of $121.75, for a total value of $31,655.00. Following the transaction, the insider owned 7,033 shares of the company’s stock, valued at $856,267.75. The trade was a 3.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 62,413 shares of company stock worth $7,664,458 over the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its stake in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in Palomar during the third quarter valued at about $25,000. Richardson Financial Services Inc. grew its stake in shares of Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Palomar in the fourth quarter worth about $32,000. Finally, Kestra Advisory Services LLC purchased a new stake in Palomar during the 4th quarter valued at about $33,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

About Palomar

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.