48,512 Shares in Palomar Holdings, Inc. $PLMR Acquired by Deutsche Bank AG

Key Points

• Deutsche Bank acquired 48,512 Palomar shares worth approximately $6.1 million during the second quarter, giving it a 0.18% stake. Institutional investors collectively own 90.25% of the company.
• Palomar reported quarterly EPS of $2.36, exceeding the $2.19 analyst consensus, while revenue totaled $314.42 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $162.75.
• The company declared a quarterly dividend of $0.45 per share, equivalent to $1.80 annually and a 1.4% yield. Insiders sold shares primarily to cover tax obligations tied to vested equity awards.

Deutsche Bank AG bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 48,512 shares of the company's stock, valued at approximately $6,131,000. Deutsche Bank AG owned approximately 0.18% of Palomar at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Summit Global Investments raised its stake in shares of Palomar by 1.7% during the fourth quarter. Summit Global Investments now owns 4,646 shares of the company's stock worth $626,000 after acquiring an additional 79 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Palomar by 2.0% in the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company's stock worth $602,000 after acquiring an additional 88 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Palomar by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company's stock valued at $3,734,000 after purchasing an additional 97 shares in the last quarter. Covestor Ltd boosted its stake in shares of Palomar by 11.7% in the 4th quarter. Covestor Ltd now owns 1,254 shares of the company's stock valued at $169,000 after purchasing an additional 131 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock valued at $40,000 after purchasing an additional 132 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Timothy Carter sold 480 shares of the firm'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 sale, the insider directly owned 1,670 shares of the company's stock, valued at $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Rodolphe Herve sold 1,207 shares of the company's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $135.35, for a total value of $163,367.45. Following the transaction, the chief operating officer directly owned 3,548 shares of the company's stock, valued at $480,221.80. The trade was 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 quarter, insiders sold 23,665 shares of company stock valued at $3,138,093. 3.70% of the stock is owned by corporate insiders.

Palomar Stock Up 2.3%

Shares of Palomar stock opened at $133.03 on Tuesday. 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's 50 day moving average price is $131.16 and its 200-day moving average price is $124.00. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 17.88 and a beta of 0.40.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly 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 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 period in the prior year, the business posted $1.76 EPS. Equities research analysts forecast 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. Shareholders of record on Wednesday, August 19th will be given a $0.45 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.4%. Palomar's payout ratio is presently 24.19%.

Analyst Ratings Changes

PLMR has been the topic of a number of analyst reports. Zacks Research cut shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. 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. Keefe, Bruyette & Woods raised their price objective on Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Weiss Ratings upgraded Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Finally, 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. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $162.75.

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.

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