Bessemer Group Inc. Acquires 44,745 Shares of Palomar Holdings, Inc. $PLMR

Bessemer Group Inc. raised its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 41.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 153,683 shares of the company’s stock after purchasing an additional 44,745 shares during the quarter. Bessemer Group Inc.’s holdings in Palomar were worth $17,943,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PLMR. Allworth Financial LP lifted its position in shares of Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after buying an additional 197 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Palomar in the third quarter valued at about $25,000. Richardson Financial Services Inc. raised 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 in the last quarter. Hollencrest Capital Management lifted its holdings in shares of Palomar by 56.5% in the second quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock worth $48,000 after acquiring an additional 113 shares during the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Palomar by 556.9% in the second quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after acquiring an additional 284 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PLMR shares. JPMorgan Chase & Co. lifted their price target on shares of Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods raised their target price on shares of 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 shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Finally, Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $159.50.

Insider Buying and Selling

In other news, CEO Mac Armstrong sold 11,484 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares in the company, valued at $10,997,431.56. This trade represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO T Christopher Uchida sold 2,103 shares of Palomar stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $252,107.64. Following the completion of the transaction, the chief financial officer directly owned 11,473 shares in the company, valued at approximately $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,998 shares of company stock valued at $7,255,669 in the last three months. Insiders own 3.70% of the company’s stock.

Palomar Price Performance

PLMR opened at $127.62 on Friday. Palomar Holdings, Inc. has a fifty-two week low of $107.75 and a fifty-two week high of $175.85. The company’s 50 day moving average price is $127.78 and its two-hundred day moving average price is $123.40. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 19.91 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Thursday, November 6th. The company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.45. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The company had revenue of $244.66 million for the quarter, compared to analyst estimates of $207.98 million. During the same quarter in the previous year, the business earned $1.23 earnings per share. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Palomar 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.