Renaissance Group LLC Sells 6,294 Shares of Palomar Holdings, Inc. $PLMR

Renaissance Group LLC lessened its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 8.6% in the fourth quarter, HoldingsChannel reports. The firm owned 66,895 shares of the company’s stock after selling 6,294 shares during the period. Renaissance Group LLC’s holdings in Palomar were worth $9,015,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PLMR. Geneos Wealth Management Inc. bought a new stake in Palomar in the 4th quarter worth approximately $32,000. Clearstead Advisors LLC grew its position in shares of Palomar by 31.0% during the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after acquiring an additional 94 shares during the period. Frazier Financial Advisors LLC bought a new stake in shares of Palomar during the 4th quarter valued at $54,000. IFP Advisors Inc grew its position in shares of Palomar by 43.9% during the 3rd quarter. IFP Advisors Inc now owns 482 shares of the company’s stock valued at $56,000 after acquiring an additional 147 shares during the period. Finally, Advisory Services Network LLC bought a new stake in shares of Palomar during the 3rd quarter valued at $57,000. Institutional investors own 90.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLMR. Piper Sandler cut their price objective on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Finally, Weiss Ratings downgraded shares of Palomar from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Palomar presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.75.

Palomar Trading Up 4.3%

Shares of Palomar stock opened at $113.34 on Thursday. The company has a market capitalization of $3.00 billion, a P/E ratio of 15.79 and a beta of 0.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The company has a fifty day moving average of $117.79 and a 200 day moving average of $122.95. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $165.10.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million during the quarter, compared to the consensus estimate of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. Palomar’s quarterly revenue was up 59.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.87 EPS. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 8.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total value of $422,030.00. Following the completion of the transaction, the chief executive officer owned 339,888 shares of the company’s stock, valued at approximately $40,983,695.04. This represents a 1.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, President Jon Christianson sold 3,000 shares of the company’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total transaction of $375,000.00. Following the completion of the transaction, the president directly owned 62,919 shares of the company’s stock, valued at $7,864,875. This represents a 4.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,634 shares of company stock valued at $2,318,111 in the last ninety days. 3.70% of the stock is currently owned by insiders.

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.