Palomar (NASDAQ:PLMR) CEO Sells 3,500 Shares

Palomar Holdings, Inc. (NASDAQ:PLMR) CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $130.60, for a total transaction of $457,100.00. Following the completion of the transaction, the chief executive officer owned 322,388 shares in the company, valued at approximately $42,103,872.80. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Mac Armstrong also recently made the following trade(s):

• On Tuesday, July 21st, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $137.26, for a total transaction of $480,410.00.
• On Monday, June 22nd, Mac Armstrong sold 3,500 shares of Palomar stock. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00.

Palomar Trading Up 2.3%

PLMR stock traded up $2.94 during mid-day trading on Monday, reaching $133.03. The company had a trading volume of 146,485 shares, compared to its average volume of 269,586. The company has a market capitalization of $3.50 billion, a PE ratio of 17.88 and a beta of 0.40. The firm has a 50 day moving average of $130.76 and a 200 day moving average of $123.92. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.17. The firm had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same quarter in the previous year, the firm posted $1.76 earnings per share. On average, equities analysts predict that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Announces Dividend

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its position in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after purchasing an additional 138,368 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock worth $2,374,000 after acquiring an additional 15,273 shares during the period. Stephens Investment Management Group LLC increased its stake in shares of Palomar by 19.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 694,317 shares of the company’s stock worth $93,566,000 after acquiring an additional 114,859 shares during the period. Vanguard Group Inc. raised its holdings in shares of Palomar by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares during the last quarter. Finally, Danske Bank A S lifted its position in Palomar by 69.9% during the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after purchasing an additional 56,898 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.