110,897 Shares in Palomar Holdings, Inc. $PLMR Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 110,897 Palomar shares in the second quarter, valued at approximately $14.0 million, giving it a 0.42% stake. Other major investors, including BlackRock and Jupiter Topco, also established positions, while institutional investors collectively own 90.25% of the company.
• Wall Street sentiment remains favorable, with five analysts rating Palomar a Buy and one rating it Hold. The stock has a “Moderate Buy” consensus and an average price target of $162.75.
• Palomar exceeded quarterly EPS expectations, reporting $2.36 versus the $2.19 consensus estimate, alongside an 18.61% net margin and 23.28% return on equity. The company also pays a quarterly dividend of $0.45, equivalent to a 1.5% annualized yield.

Bank of America Corp DE bought a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 110,897 shares of the company's stock, valued at approximately $14,016,000. Bank of America Corp DE owned 0.42% of Palomar at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PLMR. BlackRock Inc. acquired a new position in Palomar during the 2nd quarter worth approximately $556,348,000. Jupiter Topco LLC purchased a new stake in shares of Palomar in the 2nd quarter worth about $132,166,000. Westfield Capital Management Co. LP raised its holdings in shares of Palomar by 13.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company's stock worth $113,229,000 after acquiring an additional 101,698 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock worth $111,664,000 after purchasing an additional 138,368 shares during the period. Finally, Geode Capital Management LLC raised its stake in Palomar by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 661,900 shares of the company's stock worth $89,212,000 after purchasing an additional 2,295 shares during the period. Institutional investors and hedge funds own 90.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PLMR shares. Evercore set a $152.00 target price on shares of Palomar in a research note on Friday, July 10th. Piper Sandler lifted their price target 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. Weiss Ratings raised shares of Palomar from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday. Keefe, Bruyette & Woods increased 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. Finally, JPMorgan Chase & Co. lifted their target price on Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $162.75.

Palomar Stock Performance

NASDAQ PLMR opened at $123.99 on Friday. The company has a 50-day simple moving average of $133.23 and a 200 day simple moving average of $125.21. 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 Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $147.62. The company has a market capitalization of $3.26 billion, a PE ratio of 16.67 and a beta of 0.39.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same quarter in the previous year, the firm posted $1.76 earnings per share. On average, research analysts predict that Palomar Holdings, Inc. will post 9.31 EPS for the current year.

Palomar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.5%. Palomar's dividend payout ratio (DPR) is presently 24.19%.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 3,500 shares of the business's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $134.98, for a total transaction of $472,430.00. Following the completion of the transaction, the chief executive officer directly owned 318,888 shares in the company, valued at approximately $43,043,502.24. The trade was a 1.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Rodolphe Herve sold 1,207 shares of Palomar stock in a transaction on Friday, July 31st. The shares were sold at an average price of $135.35, for a total transaction of $163,367.45. Following the transaction, the chief operating officer owned 3,548 shares in the company, valued at approximately $480,221.80. This trade represents a 25.38% decrease in their position. 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 a total of 23,665 shares of company stock valued at $3,215,163 in the last 90 days. 3.70% of the stock is owned by insiders.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in the United States. The company focuses on markets that are often underserved by traditional insurers, using specialized underwriting expertise and data-driven risk analysis to develop coverage for complex or niche exposures.

Palomar's products include residential and commercial earthquake insurance, specialty property coverage, inland marine insurance, casualty insurance, crop insurance and other specialty insurance solutions.

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