California State Teachers Retirement System Increases Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Palomar Holdings stake by 3.4% to 31,315 shares, while institutional investors collectively own 90.25% of the company.
• Palomar beat earnings expectations: The insurer reported quarterly EPS of $2.36, exceeding the $2.19 consensus estimate, and analysts project full-year EPS of $9.31.
• Analysts remain bullish: Palomar has a “Moderate Buy” consensus rating from analysts, with an average price target of $162.75 versus a recent share price of $137.03. The company also pays a quarterly dividend of $0.45 per share.

California State Teachers Retirement System grew its position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,315 shares of the company's stock after buying an additional 1,035 shares during the quarter. California State Teachers Retirement System owned 0.12% of Palomar worth $3,957,903 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. AXQ Capital LP acquired a new position in Palomar during the 2nd quarter valued at approximately $302,000. Nykredit A S acquired a new position in Palomar in the 2nd quarter valued at $117,000. Two Sigma Securities LLC purchased a new stake in shares of Palomar during the 2nd quarter valued at about $441,000. Benjamin Edwards Inc. acquired a new position in shares of Palomar in the 2nd quarter valued at about $310,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Palomar by 5.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 71,782 shares of the company's stock valued at $9,073,000 after purchasing an additional 3,460 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palomar news, COO Rodolphe Herve sold 1,207 shares of the firm's stock in a transaction dated 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Jon Christianson sold 6,863 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total value of $957,388.50. Following the sale, the president owned 66,478 shares in the company, valued at $9,273,681. The trade was a 9.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 23,665 shares of company stock worth $3,138,093 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.

Palomar Price Performance

Shares of PLMR stock traded down $0.54 during trading hours on Tuesday, hitting $137.03. 106,532 shares of the company's stock were exchanged, compared to its average volume of 260,157. The firm has a market cap of $3.61 billion, a P/E ratio of 18.42 and a beta of 0.39. 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 fifty-two week low of $100.81 and a fifty-two week high of $147.62. The firm has a 50 day moving average of $134.17 and a two-hundred day moving average of $124.70.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (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 firm had revenue of $314.42 million for the quarter, compared to analyst estimates of $621.52 million. During the same period last year, the company earned $1.76 EPS. Sell-side analysts forecast 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 paid 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 yield of 1.3%. Palomar's payout ratio is 24.19%.

Wall Street Analysts Forecast Growth

PLMR has been the subject of a number of recent analyst reports. Evercore set a $152.00 price objective on shares of Palomar in a research report on Friday, July 10th. Weiss Ratings upgraded Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, September 3rd. Piper Sandler increased their target price on Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods increased their price target 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. Finally, JPMorgan Chase & Co. increased their price target on shares of Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $162.75.

Palomar 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.

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.