BlackRock Inc. Buys Shares of 4,401,832 Palomar Holdings, Inc. $PLMR

BlackRock Inc. purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,401,832 shares of the company's stock, valued at approximately $556,348,000. BlackRock Inc. owned 16.61% of Palomar as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new stake in shares of Palomar during the fourth quarter worth $32,000. Kestra Advisory Services LLC acquired a new position in Palomar in the fourth quarter valued at about $33,000. Rockefeller Capital Management L.P. lifted its stake in 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 buying an additional 132 shares during the period. Parallel Advisors LLC boosted its holdings in Palomar by 638.3% during the first quarter. Parallel Advisors LLC now owns 443 shares of the company's stock worth $53,000 after buying an additional 383 shares during the last quarter. Finally, Frazier Financial Advisors LLC bought a new position in Palomar during the fourth quarter worth about $54,000. 90.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on PLMR shares. Keefe, Bruyette & Woods upped their price target 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 downgraded shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Evercore set a $152.00 price objective on shares of Palomar in a research note on Friday, July 10th. Piper Sandler boosted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $162.75.

Palomar Stock Up 2.3%

NASDAQ:PLMR opened at $133.03 on Tuesday. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The stock has a 50-day moving average price of $131.16 and a two-hundred day moving average price of $124.00. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 17.88 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.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, topping analysts' consensus estimates of $2.19 by $0.17. Palomar had a return on equity of 23.28% and a net margin of 18.61%.The company had revenue of $314.42 million for the quarter, compared to analyst estimates of $621.52 million. During the same quarter last year, the firm posted $1.76 earnings per share. As a group, equities analysts expect that Palomar Holdings, Inc. will post 9.21 earnings per share for the current year.

Palomar Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, August 19th. Palomar's dividend payout ratio (DPR) is 24.19%.

Insider Activity

In other news, President Jon Christianson sold 528 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the sale, the president owned 66,970 shares of the company's stock, valued at $8,555,417.50. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jonathan Knutzen sold 296 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the sale, the insider directly owned 28,250 shares of the company's stock, valued at $3,608,937.50. This represents a 1.04% 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. In the last ninety days, insiders sold 23,665 shares of company stock worth $3,138,093. Corporate insiders own 3.70% of the company's stock.

Palomar 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.

Want to see what other hedge funds are holding PLMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source