State of Alaska Department of Revenue lowered its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR – Free Report) by 30.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,528 shares of the company’s stock after selling 4,642 shares during the quarter. State of Alaska Department of Revenue’s holdings in Palomar were worth $1,297,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Palomar during the second quarter worth approximately $556,348,000. Jupiter Topco LLC bought a new stake in shares of Palomar in the second quarter valued at approximately $132,166,000. Freestone Grove Partners LP acquired a new stake in shares of Palomar in the second quarter worth $78,657,000. Bank of New York Mellon Corp acquired a new stake in shares of Palomar in the second quarter worth $30,966,000. Finally, Empowered Funds LLC acquired a new stake in shares of Palomar in the second quarter worth $24,691,000. 90.25% of the stock is owned by institutional investors.
Insider Transactions at Palomar
In other Palomar news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $134.98, for a total transaction of $472,430.00. Following the sale, the chief executive officer directly owned 318,888 shares of the company’s stock, valued at approximately $43,043,502.24. The trade was a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 296 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the sale, the insider owned 28,250 shares in the company, valued at approximately $3,608,937.50. This represents a 1.04% 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 9,822 shares of company stock valued at $1,299,206. Corporate insiders own 3.70% of the company’s stock.
Analyst Upgrades and Downgrades
PLMR has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Keefe, Bruyette & Woods increased their price target on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Evercore set a $152.00 price target on shares of Palomar in a research report on Friday, July 10th. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 30th. Finally, Weiss Ratings raised shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat, Palomar has a consensus rating of “Buy” and a consensus price target of $160.00.
Read Our Latest Stock Analysis on PLMR
Palomar Price Performance
Shares of PLMR stock opened at $140.53 on Wednesday. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a market capitalization of $3.70 billion, a P/E ratio of 18.89 and a beta of 0.35. The stock has a 50 day moving average of $131.57 and a two-hundred day moving average of $126.59. 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 – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. The business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%. During the same period in the prior year, the company posted $1.76 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 9.29 EPS for the current year.
Palomar Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a yield of 1.3%. Palomar’s payout ratio is presently 24.19%.
About Palomar
Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.
Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.
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