As of the most recent disclosure with the Securities and Exchange Commission (SEC) on May 22, 2023, Bellecapital International Ltd. has lessened its holdings in shares of Palomar Holdings, Inc. by 3.5% during the fourth quarter. The firm now owns around 60,538 shares of the company’s stock after selling 2,194 shares during the period, worth $2,734,000 as of its most recent SEC filing.
Palomar Holdings, Inc is an insurance holding company that focuses on residential and commercial earthquake markets in areas such as California, Oregon, Washington and states with exposure to the New Madrid Seismic Zone. Its offerings include property and casualty insurance.
Despite a lower ownership percentage from Bellecapital International Ltd., Palomar’s NASDAQ PLMR still traded up $0.60 during trading hours on Friday at $51.55 per share. Around 59,416 shares were exchanged compared to the stock’s average volume of 145,536. The business also boasts a market capitalization of $1.28 billion alongside a P/E ratio of 23.70 and a low beta value of 0.04.
It is worth noting also that Palomar Holdings’ four-quarter high stands at $95.20 while its low was recorded at $43.63 . This versatile range reflects both potential value and volatility among traders interested in buying into this insurance-oriented equity.
The ongoing interest in real estate and property development means companies like Palomar stand to benefit from local infrastructure expansion amid population growth that precedes potential build-outs happening now or impending seismic events ready to challenge long-standing assumptions between building codes appropriate for natural risks versus wider adjustments required for environmental sustainability goals.
Insurance products directly addressing structural shifts may become more commonplace as property owners seek new ways to protect their ever-growing investment portfolios without disrupting future returns models or taking excessive risk beyond what has been typically required in the field of insurance for predictable risks.
In looking ahead, Palomar is certainly one to watch. Its specialized focus on earthquake markets may insulate it from broader market pressures. That said, potential for natural events to impact outlooks or regional economies bears monitoring like any other indicator. As ever though, astute investors and risk managers will leverage available data sources and analysis that provides transparency into the market activity no matter how wide or narrow their portfolio allocations may be.
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Palomar Holdings, Inc. Gains Traction Amongst Institutional Investors and Hedge Funds
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PLMR” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Palomar Holdings, Inc., an insurance holding company that specializes in the residential and commercial earthquake markets in states such as California, Oregon, Washington and those with exposure to the New Madrid Seismic Zone, has been making waves among investors. A growing number of institutional investors and hedge funds have recently purchased and sold shares of PLMR, with these transactions totalling millions of dollars. As of May 22nd, institutional investors and hedge funds own 90.30% of the company’s stock.
The list of recent investors is impressive. Advisor Group Holdings Inc. grew its holdings by 34.1% during the first quarter and now owns 1,470 shares worth $94,000 after acquiring an additional 374 shares over the period. Meanwhile, Citigroup Inc. increased its holdings by 11.6% in Q1 to a total of 20,883 shares valued at $1,337,000 after purchasing an extra 2,165 shares.
JPMorgan Chase & Co., on the other hand, boosted its holdings in Palomar by 20.7% in Q1 to reach a total of 11,682 shares worth $747,000 after purchasing an additional 2,002 shares during the last quarter. Similarly Raymond James Financial Services Advisors Inc acquired a new stake in Palomar valued at $891M during Q1.
In line with these transactions came news that CFO T Christopher Uchida had sold 1k shares on March 15th for an average price of $55.00 per share amounting to a total value of $55k; he now owns 25k+ shares worth approximately $1,380,940.
Jon Christianson then sold ~4k shares on Thursday February 23rd for an average price of $60 per share totaling $240 thousand – following this transaction he held roughly 82k + shares with a value of ~$4,934,940. Overall insiders own 4.40% of the company’s stock.
Palomar last released its quarterly earnings data on May 3rd, reporting $0.80 EPS for the quarter which surpassed analysts’ consensus estimates of $0.78 by $0.02 while revenue was just below consensus at $83.94 million compared to the estimate of $88.35 million; Palomar had a net margin of 16.25% and a return on Equity (ROE) of 17.61%.The company’s Quarterly revenue was up 9.3% compared to the same quarter last year.
Given its increasing popularity among investors, PLMR has been receiving positive ratings from several research firms such as Jefferies Financial Group, who gave PLMR a “hold” rating and increased their price objectives in April from $54 to $58 per share; Barclays also raised their price objective from $59 to $63 in early April.
All these developments suggest that Palomar Holdings is making significant inroads in the insurance industry and increasingly recognized as an attractive investment opportunity by both hedge funds and institutional investors alike.
