The Manufacturers Life Insurance Company Invests $4.56 Million in Palomar Holdings, Inc. $PLMR

The Manufacturers Life Insurance Company purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 36,073 shares of the company’s stock, valued at approximately $4,559,000.

Several other institutional investors have also added to or reduced their stakes in PLMR. Kestra Advisory Services LLC purchased a new stake in Palomar during the 4th quarter valued at $33,000. Rockefeller Capital Management L.P. increased its position in shares of Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after acquiring an additional 132 shares during the period. Quantbot Technologies LP bought a new position in shares of Palomar during the second quarter valued at about $43,000. Frazier Financial Advisors LLC purchased a new stake in shares of Palomar during the second quarter worth about $51,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after purchasing an additional 383 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Piper Sandler raised their target price on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Keefe, Bruyette & Woods boosted their target price on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Palomar has a consensus rating of “Moderate Buy” and a consensus target price of $162.75.

Palomar Stock Up 0.7%

PLMR stock opened at $132.57 on Tuesday. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The business’s 50 day moving average price is $133.03 and its two-hundred day moving average price is $124.15. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 17.82 and a beta of 0.40.

Palomar (NASDAQ:PLMR) last released its earnings results on Tuesday, August 4th. The company reported $2.36 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 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 quarter last year, the business posted $1.76 EPS. As a group, analysts forecast that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

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

Insiders Place Their Bets

In other news, 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 value 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. This represents a 4.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Timothy Carter sold 480 shares of the stock in a transaction dated Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the transaction, the insider owned 1,670 shares of the company’s stock, valued at approximately $207,564.30. The trade was a 22.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Corporate 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.