Palomar Holdings, Inc. (NASDAQ:PLMR) Stock to Pay Quarterly Dividend of $0.45

Palomar Holdings, Inc. (NASDAQ:PLMR) announced a quarterly dividend on Thursday, October 29th. Investors of record on Tuesday, November 17th will be given a dividend of $0.45 per share on Wednesday, December 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, November 17th.

Palomar Trading Up 0.6%

PLMR stock traded up $0.89 during midday trading on Friday, reaching $159.20. The company’s stock had a trading volume of 146,781 shares, compared to its average volume of 331,962. Palomar has a 52 week low of $100.81 and a 52 week high of $162.08. The stock has a market cap of $4.19 billion, a PE ratio of 19.92 and a beta of 0.28. The company has a quick ratio of 0.50, a current ratio of 0.49 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $137.60 and its 200-day simple moving average is $127.70.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, beating the consensus estimate of $2.56 by $0.45. The company had revenue of $386.59 million during the quarter, compared to analysts’ expectations of $754.28 million. Palomar had a net margin of 17.60% and a return on equity of 25.27%. During the same quarter in the previous year, the company posted $2.01 EPS. As a group, sell-side analysts expect that Palomar will post 9.29 EPS for the current year.

Insider Activity

In other Palomar news, insider Jonathan Knutzen sold 296 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the transaction, the insider directly owned 28,250 shares of the company’s stock, valued at approximately $3,608,937.50. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 528 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $67,452.00. Following the completion of the sale, 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. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 12,115 shares of company stock worth $1,619,923 in the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of PLMR. BlackRock Inc. acquired a new position in shares of Palomar in the second quarter valued at approximately $556,348,000. Jupiter Topco LLC bought a new stake in Palomar in the 2nd quarter valued at $132,166,000. Janus Henderson Group PLC lifted its position in 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 acquiring an additional 138,368 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Palomar by 3.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 653,026 shares of the company’s stock worth $78,037,000 after purchasing an additional 23,579 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in Palomar in the 2nd quarter worth $78,657,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Company 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.