PVG Asset Management Corp Increases Stock Holdings in Palomar Holdings, Inc. $PLMR

PVG Asset Management Corp increased its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 526.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 10,147 shares of the company’s stock after purchasing an additional 8,527 shares during the quarter. PVG Asset Management Corp’s holdings in Palomar were worth $1,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PLMR. Summit Global Investments lifted its position in Palomar by 1.7% in the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after buying an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Palomar by 3.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock valued at $333,000 after acquiring an additional 82 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Palomar by 2.0% in the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after acquiring an additional 88 shares during the period. California State Teachers Retirement System raised its stake in shares of Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after acquiring an additional 97 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of Palomar by 11.7% in the 4th quarter. Covestor Ltd now owns 1,254 shares of the company’s stock worth $169,000 after acquiring an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Activity at Palomar

In other news, insider Timothy Carter sold 480 shares of the business’s stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the sale, the insider owned 1,670 shares in the company, valued at approximately $207,564.30. The trade was a 22.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 3,000 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $139.50, for a total transaction of $418,500.00. Following the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This represents a 4.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,843 shares of company stock worth $2,711,683 over the last three months. 3.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Piper Sandler raised their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, JPMorgan Chase & Co. upped their target price on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $162.50.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $133.79 on Monday. The business’s 50 day moving average is $124.31 and its 200 day moving average is $123.48. The stock has a market cap of $3.55 billion, a P/E ratio of 18.63 and a beta of 0.41. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week 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.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same period in the previous year, the company posted $1.87 EPS. Palomar’s revenue was up 59.7% on a year-over-year basis. Sell-side analysts predict that Palomar Holdings, Inc. will post 8.9 EPS for the current year.

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.