Short Interest in Palomar Holdings, Inc. (NASDAQ:PLMR) Drops By 13.1%

Palomar Holdings, Inc. (NASDAQ:PLMR) was the target of a significant decrease in short interest during the month of January. As of January 30th, there was short interest totaling 425,364 shares, a decrease of 13.1% from the January 15th total of 489,211 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average trading volume of 187,309 shares, the short-interest ratio is currently 2.3 days. Based on an average trading volume of 187,309 shares, the short-interest ratio is currently 2.3 days. Currently, 1.7% of the shares of the company are sold short.

Insider Buying and Selling

In other news, insider Angela L. Grant sold 260 shares of the company’s stock in a transaction that occurred on Saturday, January 31st. The shares were sold at an average price of $121.75, for a total value of $31,655.00. Following the completion of the sale, the insider directly owned 7,033 shares of the company’s stock, valued at approximately $856,267.75. This represents a 3.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 545 shares of the firm’s stock in a transaction that occurred on Saturday, January 31st. The shares were sold at an average price of $121.74, for a total transaction of $66,348.30. Following the transaction, the chief financial officer owned 14,005 shares in the company, valued at $1,704,968.70. This represents a 3.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,413 shares of company stock valued at $7,664,458 in the last ninety days. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of Palomar by 3.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after purchasing an additional 82 shares in the last quarter. Quadrant Capital Group LLC grew its position in Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock valued at $602,000 after purchasing an additional 88 shares in the last quarter. Clearstead Advisors LLC increased its stake in 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 buying an additional 94 shares during the period. California State Teachers Retirement System lifted its position in Palomar by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after buying an additional 97 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in Palomar by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock worth $889,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PLMR shares. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Keefe, Bruyette & Woods upped their price target on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Evercore ISI started coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $158.14.

Palomar Stock Performance

NASDAQ PLMR opened at $132.10 on Tuesday. The firm’s 50 day moving average price is $129.07 and its two-hundred day moving average price is $123.14. Palomar has a twelve month low of $107.75 and a twelve month high of $175.85. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 18.40 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, February 11th. The company reported $2.24 EPS 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 business had revenue of $492.63 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same quarter last year, the firm posted $1.52 earnings per share. Palomar’s revenue was up 62.7% compared to the same quarter last year. On average, research analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

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.