Lisanti Capital Growth LLC Purchases 32,600 Shares of Palomar Holdings, Inc. $PLMR

Lisanti Capital Growth LLC purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 32,600 shares of the company’s stock, valued at approximately $4,019,000. Lisanti Capital Growth LLC owned 0.12% of Palomar as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Palomar in the second quarter valued at $556,348,000. Jupiter Topco LLC acquired a new position in Palomar in the second quarter valued at $132,166,000. Janus Henderson Group PLC lifted its position in Palomar by 17.4% during the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after buying an additional 138,368 shares during the period. Dimensional Fund Advisors LP lifted its position in Palomar by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 653,026 shares of the company’s stock worth $78,037,000 after buying an additional 23,579 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in Palomar during the second quarter worth about $78,657,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Activity

In other news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total transaction of $484,085.00. Following the transaction, the chief executive officer directly owned 315,388 shares of the company’s stock, valued at approximately $43,621,314.28. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 528 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the transaction, the president owned 66,970 shares of the company’s stock, valued at $8,555,417.50. This trade represents a 0.78% 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. Insiders sold 12,115 shares of company stock worth $1,619,923 over the last three months. Insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 29th. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $161.00 to $172.00 and gave the stock an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. decreased their target price on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Weiss Ratings downgraded shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. Finally, Truist Financial upped their price target on shares of Palomar from $168.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $165.80.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $159.15 on Thursday. Palomar Holdings, Inc. has a 1-year low of $100.81 and a 1-year high of $162.08. The business has a 50-day moving average of $136.61 and a 200-day moving average of $127.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.49 and a quick ratio of 0.50. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 17.90 and a beta of 0.28.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, November 4th. The company reported $3.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.45. The business had revenue of $386.59 million during the quarter, compared to analyst estimates of $754.28 million. Palomar had a return on equity of 25.27% and a net margin of 17.60%. During the same quarter last year, the firm earned $2.01 earnings per share. On average, equities analysts anticipate that Palomar Holdings, Inc. will post 9.30 EPS for the current fiscal year.

Palomar Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Tuesday, November 17th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Tuesday, November 17th. Palomar’s dividend payout ratio is currently 22.53%.

Palomar Profile

Palomar Holdings, Inc. is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage. The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.