Danske Bank A S Makes New Investment in Palomar Holdings, Inc. $PLMR

Danske Bank A S bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 131,470 shares of the company’s stock, valued at approximately $16,616,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PLMR. BlackRock Inc. bought a new stake in Palomar in the second quarter valued at about $556,348,000. Deutsche Bank AG acquired a new stake in shares of Palomar during the 2nd quarter valued at approximately $6,131,000. Global Retirement Partners LLC acquired a new stake in shares of Palomar during the 2nd quarter valued at approximately $123,000. Bank of New York Mellon Corp bought a new position in Palomar during the second quarter worth $30,966,000. Finally, GSA Capital Partners LLP acquired a new position in Palomar in the second quarter worth $496,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palomar

In other news, President Jon Christianson sold 6,863 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares of the company’s stock, valued at $9,273,681. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Rodolphe Herve sold 1,207 shares of Palomar stock in a transaction on Friday, July 31st. The stock was sold at an average price of $135.35, for a total value of $163,367.45. Following the completion of the transaction, the chief operating officer owned 3,548 shares in the company, valued at $480,221.80. The trade was a 25.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 20,165 shares of company stock valued at $2,680,993. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PLMR shares. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Keefe, Bruyette & Woods raised their target price on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. Finally, Piper Sandler boosted their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and an average price target of $162.75.

Palomar Stock Up 1.6%

PLMR stock opened at $128.87 on Friday. The firm’s 50-day moving average is $130.45 and its two-hundred day moving average is $123.88. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 17.32 and a beta of 0.40. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. During the same period last year, the firm posted $1.76 earnings per share. On average, analysts forecast that Palomar Holdings, Inc. will post 9.14 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.45 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. Palomar’s dividend payout ratio is 24.19%.

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.