Palomar Holdings, Inc. $PLMR Stock Position Lessened by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 30.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,528 shares of the company’s stock after selling 4,642 shares during the period. State of Alaska Department of Revenue’s holdings in Palomar were worth $1,297,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in Palomar by 1.2% during the second quarter. Arizona State Retirement System now owns 7,364 shares of the company’s stock worth $931,000 after buying an additional 84 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after acquiring an additional 132 shares during the last quarter. Strs Ohio grew its position in Palomar by 2.3% during the 1st quarter. Strs Ohio now owns 8,900 shares of the company’s stock worth $1,064,000 after acquiring an additional 200 shares during the last quarter. KBC Group NV increased its holdings in Palomar by 38.0% during the 1st quarter. KBC Group NV now owns 1,017 shares of the company’s stock valued at $122,000 after purchasing an additional 280 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Palomar during the 2nd quarter valued at $43,000. 90.25% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $134.98, for a total value of $472,430.00. Following the transaction, the chief executive officer owned 318,888 shares of the company’s stock, valued at approximately $43,043,502.24. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Rodolphe Herve sold 1,207 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $135.35, for a total transaction of $163,367.45. Following the completion of the transaction, the chief operating officer directly owned 3,548 shares in the company, valued at $480,221.80. This trade represents a 25.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 9,822 shares of company stock worth $1,299,206. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 30th. Weiss Ratings raised shares of Palomar from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday. JPMorgan Chase & Co. decreased their price objective on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. Finally, Evercore set a $152.00 price objective on shares of Palomar in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $160.00.

Palomar Stock Up 2.0%

Shares of PLMR opened at $140.53 on Wednesday. The business’s fifty day moving average price is $131.57 and its two-hundred day moving average price is $126.59. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 18.89 and a beta of 0.35. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50.

Palomar (NASDAQ:PLMR) last released its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%. The company had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. During the same quarter in the previous year, the company posted $1.76 earnings per share. On average, analysts predict that Palomar Holdings, Inc. will post 9.29 earnings per share for the current year.

Palomar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, August 19th. Palomar’s dividend payout ratio (DPR) is presently 24.19%.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.