Insider Selling: Palomar (NASDAQ:PLMR) Insider Sells $37,814.00 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 296 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $37,814.00. Following the transaction, the insider owned 28,250 shares of the company’s stock, valued at approximately $3,608,937.50. This represents a 1.04% 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 sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Trading Up 1.6%

PLMR traded up $1.99 on Thursday, hitting $128.87. The company had a trading volume of 180,148 shares, compared to its average volume of 269,775. The firm has a market cap of $3.39 billion, a P/E ratio of 17.32 and a beta of 0.40. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The company’s fifty day moving average price is $130.18 and its 200 day moving average price is $123.84. 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) last posted 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 company 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 company posted $1.76 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 9.14 earnings per share for the current year.

Palomar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders 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.

Analyst Ratings Changes

Several analysts recently weighed in on PLMR shares. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler increased 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. Evercore set a $152.00 target price on Palomar in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $162.75.

Institutional Trading of Palomar

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Palomar in the second quarter valued at $556,348,000. Vanguard Group Inc. grew its stake in Palomar by 2.5% during the 4th 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 in the last quarter. Jupiter Topco LLC acquired a new position in Palomar during the 2nd quarter worth $132,166,000. Janus Henderson Group PLC increased its holdings in Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after purchasing an additional 138,368 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in Palomar by 13.8% during the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after purchasing an additional 101,698 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Company Profile

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.