SG Americas Securities LLC Sells 5,040 Shares of Palomar Holdings, Inc. $PLMR

SG Americas Securities LLC reduced its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR) by 40.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,450 shares of the company’s stock after selling 5,040 shares during the quarter. SG Americas Securities LLC’s holdings in Palomar were worth $890,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PLMR. Geneos Wealth Management Inc. bought a new position in Palomar in the 4th quarter valued at $32,000. Kestra Advisory Services LLC bought a new stake in shares of Palomar during the fourth quarter worth $33,000. Rockefeller Capital Management L.P. grew its holdings in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the last quarter. Frazier Financial Advisors LLC acquired a new stake in shares of Palomar in the fourth quarter valued at $54,000. Finally, IFP Advisors Inc increased its stake in shares of Palomar by 43.9% in the third quarter. IFP Advisors Inc now owns 482 shares of the company’s stock valued at $56,000 after buying an additional 147 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PLMR. Piper Sandler reduced their price target on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods decreased their price target 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. Four 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 company has an average rating of “Moderate Buy” and an average price target of $147.75.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $140.00 on Monday. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $148.53. The firm has a market capitalization of $3.71 billion, a P/E ratio of 19.50 and a beta of 0.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The company’s 50 day simple moving average is $115.64 and its 200 day simple moving average is $122.84.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business’s quarterly revenue was up 59.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.87 EPS. On average, analysts predict that Palomar Holdings, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total transaction of $395,360.00. Following the completion of the sale, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the company’s stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the sale, the insider owned 1,670 shares of the company’s stock, valued at $207,564.30. This represents a 22.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,114 shares of company stock valued at $2,351,100 over the last three months. Company insiders own 3.70% of the company’s stock.

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.