245,001 Shares in Palomar Holdings, Inc. $PLMR Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 245,001 Palomar shares worth approximately $31.0 million, giving it a 0.92% stake; institutional investors collectively own 90.25% of the company.
• Analysts maintain a positive outlook, with four Buy ratings and two Holds, a consensus “Moderate Buy” rating, and an average price target of $162.75.
• Palomar reported quarterly EPS of $2.36, beating estimates of $2.19, and declared a quarterly dividend of $0.45 per share, equivalent to a 1.4% annualized yield.

Bank of New York Mellon Corp bought a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 245,001 shares of the company's stock, valued at approximately $30,966,000. Bank of New York Mellon Corp owned about 0.92% of Palomar at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in shares of Palomar during the 2nd quarter worth $496,000. PVG Asset Management Corp lifted its holdings in shares of Palomar by 526.4% during the first quarter. PVG Asset Management Corp now owns 10,147 shares of the company's stock valued at $1,147,000 after purchasing an additional 8,527 shares during the last quarter. Parallel Advisors LLC lifted 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 valued at $53,000 after purchasing an additional 383 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Palomar by 1.2% in the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company's stock valued at $17,515,000 after purchasing an additional 1,693 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company's stock valued at $111,664,000 after purchasing an additional 138,368 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PLMR. Evercore set a $152.00 price objective on Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a report on Monday, July 20th. Keefe, Bruyette & Woods boosted 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. Weiss Ratings upgraded shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 18th. Finally, Piper Sandler upped their price target on shares of Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.75.

Insider Activity

In other Palomar news, President Jon Christianson sold 6,863 shares of Palomar stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president owned 66,478 shares of the company's stock, valued at $9,273,681. This trade represents a 9.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 sale, the chief operating officer directly owned 3,548 shares of the company's stock, valued at $480,221.80. This trade represents a 25.38% 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 sold a total of 23,665 shares of company stock valued at $3,138,093 in the last three months. 3.70% of the stock is currently owned by insiders.

Palomar Trading Up 1.6%

Shares of NASDAQ PLMR opened at $131.63 on Friday. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $147.62. The firm has a market capitalization of $3.46 billion, a PE ratio of 17.69 and a beta of 0.40. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $132.62 and a two-hundred day moving average price of $124.14.

Palomar (NASDAQ:PLMR - Get Free Report) last released its 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 company 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 quarter in the previous year, the business posted $1.76 EPS. As a group, analysts predict that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Announces Dividend

The business 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. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a yield of 1.4%. Palomar's payout ratio is presently 24.19%.

Palomar Company 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.

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