Westfield Capital Management Co. LP Buys 101,698 Shares of Palomar Holdings, Inc. $PLMR

Westfield Capital Management Co. LP grew its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 13.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 840,226 shares of the company’s stock after acquiring an additional 101,698 shares during the period. Westfield Capital Management Co. LP’s holdings in Palomar were worth $113,229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new stake in shares of Palomar during the fourth quarter worth $32,000. Clearstead Advisors LLC grew its stake in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of Palomar during the fourth quarter worth $54,000. IFP Advisors Inc grew its stake in shares of Palomar by 43.9% during the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock worth $56,000 after buying an additional 147 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Palomar during the third quarter worth $57,000. Institutional investors own 90.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PLMR shares. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler decreased their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Evercore started coverage on shares of Palomar in a research note on Monday, February 9th. They issued an “outperform” rating and a $150.00 price objective on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.75.

Palomar Stock Performance

Shares of Palomar stock opened at $103.27 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $172.12. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 14.38 and a beta of 0.44. The company’s fifty day moving average is $118.64 and its 200 day moving average is $123.42.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data 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. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company had revenue of $278.94 million for the quarter, compared to analysts’ expectations of $557.79 million. During the same quarter in the previous year, the firm posted $1.87 earnings per share. Palomar’s revenue for the quarter was up 59.7% on a year-over-year basis. Sell-side analysts forecast that Palomar Holdings, Inc. will post 8.95 EPS for the current year.

Insider Buying and Selling at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $114.39, for a total value of $400,365.00. Following the transaction, the chief executive officer owned 332,888 shares in the company, valued at $38,079,058.32. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $128.62, for a total transaction of $249,136.94. Following the completion of the transaction, the president owned 65,919 shares in the company, valued at approximately $8,478,501.78. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 18,634 shares of company stock worth $2,318,111. 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.