Jupiter Topco LLC Invests $132.17 Million in Palomar Holdings, Inc. $PLMR

Jupiter Topco LLC acquired a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,045,459 shares of the company’s stock, valued at approximately $132,166,000.

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

Insider Transactions at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $130.60, for a total transaction of $457,100.00. Following the completion of the transaction, the chief executive officer owned 322,388 shares of the company’s stock, valued at approximately $42,103,872.80. This trade represents a 1.07% 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 transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of Palomar stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the transaction, the president owned 66,478 shares in the company, valued at approximately $9,273,681. This trade represents a 9.36% 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. In the last 90 days, insiders sold 23,665 shares of company stock worth $3,138,093. 3.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PLMR shares. Keefe, Bruyette & Woods upped their price objective on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Piper Sandler raised their target price on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Finally, Evercore set a $152.00 price target on shares of Palomar in a report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus price target of $162.75.

Palomar Stock Performance

Shares of PLMR stock opened at $131.82 on Thursday. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.40. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $131.86 and its 200-day moving average price is $124.08. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data 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 company had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same quarter in the prior year, the firm posted $1.76 earnings per share. Equities research analysts forecast that Palomar Holdings, Inc. will post 9.21 EPS for the current year.

Palomar Announces Dividend

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

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.