Palomar Holdings, Inc. $PLMR Stock Position Lowered by Villere ST Denis J & Co. LLC

Villere ST Denis J & Co. LLC cut its stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 207,722 shares of the company’s stock after selling 8,547 shares during the quarter. Palomar accounts for approximately 2.6% of Villere ST Denis J & Co. LLC’s holdings, making the stock its 12th biggest position. Villere ST Denis J & Co. LLC’s holdings in Palomar were worth $25,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Janus Henderson Group PLC lifted its stake in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after acquiring an additional 138,368 shares during the period. Bank of America Corp DE purchased a new stake in shares of Palomar in the second quarter valued at about $14,016,000. Legal & General Group Plc acquired a new position in shares of Palomar during the second quarter worth about $7,829,000. Deutsche Bank AG acquired a new position in shares of Palomar during the second quarter worth about $6,131,000. Finally, Man Group plc acquired a new position in shares of Palomar during the second quarter worth about $485,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PLMR. JPMorgan Chase & Co. reduced their price objective on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Keefe, Bruyette & Woods increased their target price on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Weiss Ratings cut Palomar from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 29th. Finally, Piper Sandler upped their price objective on Palomar from $165.00 to $174.00 and gave the stock an “overweight” rating in a report on Friday. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus price target of $164.80.

Insider Transactions at Palomar

In other Palomar news, insider Jonathan Knutzen sold 296 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the sale, the insider directly owned 28,250 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $138.31, for a total value of $484,085.00. Following the completion of the sale, the chief executive officer directly owned 315,388 shares in the company, valued at $43,621,314.28. This trade represents a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 12,115 shares of company stock valued at $1,619,923. Company insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $156.78 on Tuesday. 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 Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $162.08. The company has a 50-day simple moving average of $135.50 and a 200-day simple moving average of $127.02. The company has a market capitalization of $4.13 billion, a PE ratio of 16.00 and a beta of 0.28.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.45. Palomar had a net margin of 17.60% and a return on equity of 25.42%. The firm had revenue of $386.59 million for the quarter, compared to the consensus estimate of $754.28 million. During the same quarter in the previous year, the firm earned $2.01 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 9.27 earnings per share for the current fiscal year.

Palomar Dividend Announcement

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

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.

Palomar is headquartered in La Jolla, California.