622,335 Shares in Palomar Holdings, Inc. $PLMR Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the second quarter, HoldingsChannel reports. The institutional investor acquired 622,335 shares of the company’s stock, valued at approximately $78,657,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PLMR. Summit Global Investments boosted its holdings in Palomar by 1.7% in the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after acquiring an additional 79 shares in the last quarter. Quadrant Capital Group LLC grew its stake 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 increased its holdings in shares of Palomar by 0.4% during 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 in the last quarter. Covestor Ltd increased its holdings in shares of Palomar by 11.7% during 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 in the last quarter. Finally, Rockefeller Capital Management L.P. raised its position 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 worth $40,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Palomar Trading Up 0.0%

NASDAQ:PLMR opened at $131.82 on Thursday. 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 Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62. The company has a market cap of $3.47 billion, a PE ratio of 17.72 and a beta of 0.40. The company has a 50 day simple moving average of $131.86 and a two-hundred day simple moving average of $124.08.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.17. The firm had revenue of $314.42 million for the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same period in the prior year, the firm earned $1.76 EPS. Research analysts forecast that Palomar Holdings, Inc. will post 9.21 earnings per share for the current year.

Palomar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given 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 is Wednesday, August 19th. Palomar’s dividend payout ratio is 24.19%.

Analyst Upgrades and Downgrades

PLMR has been the topic of a number of analyst reports. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Evercore set a $152.00 target price on shares of Palomar in a report on Friday, July 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Piper Sandler upped their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $162.75.

Insider Buying and Selling

In other Palomar news, President Jon Christianson sold 6,863 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at $9,273,681. The trade was a 9.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO T Christopher Uchida sold 791 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total transaction of $101,042.34. Following the sale, the chief financial officer directly owned 16,238 shares of the company’s stock, valued at $2,074,242.12. The trade was a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 23,665 shares of company stock valued at $3,138,093 in the last 90 days. Insiders own 3.70% of the company’s stock.

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.