Palomar Holdings, Inc. $PLMR Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC increased its position in Palomar Holdings, Inc. (NASDAQ:PLMR) by 40.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 217,798 shares of the company’s stock after buying an additional 63,012 shares during the quarter. Fred Alger Management LLC’s holdings in Palomar were worth $25,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC purchased a new stake in Palomar during the third quarter valued at about $25,000. Richardson Financial Services Inc. increased its stake in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after acquiring an additional 147 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after purchasing an additional 197 shares during the period. Clearstead Advisors LLC lifted its stake in shares of Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after purchasing an additional 94 shares in the last quarter. Finally, Hollencrest Capital Management lifted its stake in shares of Palomar by 56.5% in the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after purchasing an additional 113 shares in the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $120.19 on Monday. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 16.74 and a beta of 0.46. The business has a 50-day moving average of $126.21 and a 200-day moving average of $123.27.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $1.52 EPS. Research analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLMR. 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. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $163.00.

Insider Buying and Selling

In other news, CFO T Christopher Uchida sold 783 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total value of $100,255.32. Following the completion of the transaction, the chief financial officer directly owned 14,752 shares in the company, valued at approximately $1,888,846.08. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 522 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $66,836.88. Following the sale, the president directly owned 65,919 shares of the company’s stock, valued at approximately $8,440,268.76. The trade was a 0.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,999 shares of company stock valued at $7,253,229 over the last three months. Company insiders own 3.70% of the company’s stock.

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.