Fred Alger Management LLC Increases Stock Position in Palomar Holdings, Inc. $PLMR

Fred Alger Management LLC lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 40.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,798 shares of the company’s stock after purchasing an additional 63,012 shares during the period. Fred Alger Management LLC owned about 0.82% of Palomar worth $25,428,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Salomon & Ludwin LLC purchased a new stake in Palomar in the 3rd quarter valued at approximately $25,000. Richardson Financial Services Inc. increased its position 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 buying an additional 147 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares during the last quarter. Finally, Hollencrest Capital Management lifted its position in shares of Palomar by 56.5% in the second quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after acquiring an additional 113 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. upped their target price on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Palomar has a consensus rating of “Buy” and an average price target of $163.00.

Insider Activity

In related news, President Jon Christianson sold 1,991 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $238,681.08. Following the completion of the sale, the president directly owned 62,985 shares in the company, valued at approximately $7,550,641.80. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at $10,997,431.56. This trade represents a 11.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,999 shares of company stock valued at $7,253,229 in the last 90 days. 3.70% of the stock is currently owned by insiders.

Palomar Stock Up 0.3%

Shares of NASDAQ:PLMR opened at $120.19 on Monday. The company has a market cap of $3.21 billion, a P/E ratio of 16.74 and a beta of 0.46. The business has a fifty day simple moving average of $126.21 and a 200-day simple moving average of $123.27. Palomar Holdings, Inc. has a 52 week low of $107.75 and a 52 week high of $175.85.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm had revenue of $253.36 million for the quarter, compared to the consensus estimate of $204.58 million. During the same period in the prior year, the business posted $1.52 earnings per share. The firm’s revenue for the quarter was up 62.7% compared to the same quarter last year. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal 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.