Thrivent Financial for Lutherans Sells 4,500 Shares of Palomar Holdings, Inc. $PLMR

Thrivent Financial for Lutherans trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 15.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,911 shares of the company’s stock after selling 4,500 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Palomar were worth $2,792,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after purchasing an additional 97 shares during the period. Bank of Montreal Can boosted its holdings in shares of 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 purchasing an additional 98 shares during the period. Maryland State Retirement & Pension System increased its position in shares of Palomar by 1.5% during the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company’s stock valued at $1,212,000 after purchasing an additional 113 shares during the last quarter. Hollencrest Capital Management raised its holdings in Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after buying an additional 113 shares during the period. Finally, Arizona State Retirement System lifted its position in Palomar by 1.6% in the third quarter. Arizona State Retirement System now owns 7,900 shares of the company’s stock worth $922,000 after buying an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

PLMR stock opened at $126.54 on Tuesday. Palomar Holdings, Inc. has a 12 month low of $107.75 and a 12 month high of $175.85. The firm’s 50-day moving average is $127.87 and its 200 day moving average is $123.16. The company has a market capitalization of $3.35 billion, a PE ratio of 19.74 and a beta of 0.44.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 11,484 shares of the 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 $1,376,701.92. Following the transaction, the chief executive officer owned 91,737 shares of the company’s stock, valued at $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jon Christianson sold 1,991 shares of Palomar stock in a transaction 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 sale, the president directly owned 62,985 shares of the company’s stock, valued at approximately $7,550,641.80. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 58,998 shares of company stock valued at $7,255,669. 3.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PLMR. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Evercore ISI assumed coverage on shares of Palomar in a report on Monday. They set an “outperform” rating and a $150.00 price target on the stock. Keefe, Bruyette & Woods raised their price objective 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. Finally, Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $158.14.

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.