61,942 Shares in Palomar Holdings, Inc. $PLMR Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 61,942 shares of the company’s stock, valued at approximately $7,829,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new position in shares of Palomar during the second quarter valued at $4,559,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Palomar in the second quarter worth approximately $1,026,000. Globeflex Capital L P purchased a new position in shares of Palomar during the second quarter valued at approximately $241,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Palomar during the second quarter valued at approximately $98,000. Finally, Quantbot Technologies LP bought a new position in Palomar during the second quarter valued at approximately $43,000. 90.25% of the stock is currently owned by institutional investors.

Insider Activity at Palomar

In other news, insider Timothy Carter sold 480 shares of the business’s stock in a transaction dated Sunday, June 28th. The stock was sold at an average price of $124.29, for a total value of $59,659.20. Following the transaction, the insider directly owned 1,670 shares in the company, valued at $207,564.30. The trade was a 22.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 dated Friday, August 21st. The stock was sold at an average price of $130.60, for a total value of $457,100.00. Following the completion of the transaction, the chief executive officer directly 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 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. Insiders have sold 23,665 shares of company stock worth $3,138,093 in the last 90 days. Company insiders own 3.70% of the company’s stock.

Palomar Stock Performance

Shares of PLMR opened at $131.86 on Wednesday. The business has a 50-day simple moving average of $133.35 and a two-hundred day simple moving average of $124.15. 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 $147.62. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.39.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the company posted $1.76 EPS. On average, analysts expect that Palomar Holdings, Inc. will post 9.21 EPS for the current year.

Palomar Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have commented on PLMR. Keefe, Bruyette & Woods lifted their target price 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. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. JPMorgan Chase & Co. lifted their price objective on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Piper Sandler increased their target price on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Palomar currently has an average rating of “Moderate Buy” and a consensus target price of $162.75.

Palomar 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.