Palomar (NASDAQ:PLMR) Insider Jonathan Knutzen Sells 296 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 296 shares of the business’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 transaction, the insider directly owned 28,250 shares in the company, valued at $3,608,937.50. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Price Performance

Shares of PLMR stock opened at $128.87 on Friday. Palomar Holdings, Inc. has a twelve month low of $100.81 and a twelve month high of $147.62. The business’s fifty day moving average is $130.45 and its 200 day moving average is $123.88. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 17.32 and a beta of 0.40. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30.

Palomar (NASDAQ:PLMR) last posted its earnings results 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. The business had revenue of $314.42 million for the quarter, compared to analysts’ expectations 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 prior year, the business earned $1.76 EPS. Research analysts expect that Palomar Holdings, Inc. will post 9.14 EPS for the current fiscal year.

Palomar Dividend Announcement

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

Institutional Investors Weigh In On Palomar

Several institutional investors and hedge funds have recently modified their holdings of the company. Summit Global Investments raised its holdings in Palomar by 1.7% during the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after purchasing an additional 79 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Palomar by 2.0% during the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after acquiring an additional 88 shares in the last quarter. California State Teachers Retirement System lifted its position in Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after acquiring an additional 97 shares during the last quarter. Covestor Ltd lifted its position in Palomar by 11.7% in the fourth quarter. Covestor Ltd now owns 1,254 shares of the company’s stock valued at $169,000 after acquiring an additional 131 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PLMR shares. Piper Sandler upped their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Evercore set a $152.00 price objective on Palomar in a research note on Friday, July 10th. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Palomar presently has an average rating of “Moderate Buy” and a consensus price target of $162.75.

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.