8,502 Shares of Palomar Holdings, Inc. $PLMR Purchased by Ellsworth Advisors LLC

Key Points

• Ellsworth Advisors LLC initiated a Palomar Holdings position by purchasing 8,502 shares valued at approximately $1.05 million. Institutional investors collectively own 90.25% of the company.
• Analysts remain broadly positive on Palomar, with ratings ranging from Buy to Strong Buy and an average price target of $160, above the reported share price of $137.61.
• Palomar reported quarterly EPS of $2.36, exceeding the $2.19 consensus estimate, and pays a quarterly dividend of $0.45 per share, equivalent to a 1.3% yield.

Ellsworth Advisors LLC bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,502 shares of the company's stock, valued at approximately $1,048,000.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC increased its stake in shares of Palomar by 5,050.0% during the third quarter. Fortitude Family Office LLC now owns 412 shares of the company's stock valued at $51,000 after buying an additional 404 shares during the period. Steel Grove Capital Advisors LLC bought a new position in shares of Palomar during the third quarter valued at approximately $359,000. Farther Finance Advisors LLC raised its holdings in shares of Palomar by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 790 shares of the company's stock valued at $97,000 after acquiring an additional 436 shares in the last quarter. Artemis Investment Management LLP lifted its stake in Palomar by 0.6% in the third quarter. Artemis Investment Management LLP now owns 335,986 shares of the company's stock worth $41,424,000 after acquiring an additional 2,018 shares during the period. Finally, Moody National Bank Trust Division purchased a new stake in Palomar in the third quarter worth $216,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PLMR. JPMorgan Chase & Co. cut their price target 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. Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. Piper Sandler upped their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Zacks Research raised shares of Palomar from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 30th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $160.00.

Palomar Trading Up 0.6%

PLMR opened at $137.61 on Friday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. Palomar Holdings, Inc. has a 52 week low of $100.81 and a 52 week high of $147.62. The stock has a market cap of $3.62 billion, a PE ratio of 17.03 and a beta of 0.35. The business has a 50 day moving average of $131.09 and a 200-day moving average of $126.16.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping 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 period in the prior year, the firm earned $1.76 earnings per share. Equities research analysts predict that Palomar Holdings, Inc. will post 9.29 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Wednesday, August 19th. Palomar's payout ratio is 24.19%.

Insider Transactions at Palomar

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, President Jon Christianson sold 528 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the transaction, the president owned 66,970 shares of the company's stock, valued at approximately $8,555,417.50. The trade was a 0.78% 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. Over the last ninety days, insiders sold 16,322 shares of company stock worth $2,198,116. 3.70% of the stock is owned by insiders.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.

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