Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Palomar Holdings, Inc. $PLMR

Key Points

• Connor Clark & Lunn Investment Management purchased 8,120 Palomar shares worth approximately $1.03 million during the second quarter. Institutional investors and hedge funds collectively own 90.25% of the company.
• Analysts maintain a positive outlook, with four Buy ratings and two Holds; Palomar has a “Moderate Buy” consensus rating and an average price target of $162.75.
• Palomar reported quarterly EPS of $2.36, exceeding the $2.19 consensus estimate, and declared a quarterly dividend of $0.45 per share, representing a 1.4% yield.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 8,120 shares of the company's stock, valued at approximately $1,026,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new stake in shares of Palomar during the 4th quarter worth $33,000. Rockefeller Capital Management L.P. grew its stake in Palomar by 81.5% in the 4th 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 last quarter. Quantbot Technologies LP bought a new position in Palomar in the 2nd quarter worth $43,000. Frazier Financial Advisors LLC bought a new position in Palomar in the 4th quarter worth $54,000. Finally, Parallel Advisors LLC lifted its position in Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company's stock worth $53,000 after acquiring an additional 383 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Palomar from $150.00 to $167.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Evercore set a $152.00 price objective on Palomar in a research report on Friday, July 10th. Piper Sandler boosted their price objective on Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods increased their target price on Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Finally, Weiss Ratings raised Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $162.75.

Palomar Price Performance

Shares of Palomar stock opened at $131.63 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $3.46 billion, a PE ratio of 17.69 and a beta of 0.40. The firm has a fifty day moving average price of $132.62 and a two-hundred day moving average price of $124.13. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) 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 the consensus estimate of $621.52 million. Palomar had a net margin of 18.61% and a return on equity of 23.28%. During the same quarter in the previous year, the firm posted $1.76 EPS. Analysts expect that Palomar Holdings, Inc. will post 9.21 EPS for the current year.

Palomar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be paid 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 payout ratio is currently 24.19%.

Insider Activity

In other Palomar news, President Jon Christianson sold 6,863 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total value of $957,388.50. Following the completion of the transaction, the president owned 66,478 shares of the company's stock, valued at $9,273,681. This represents a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $130.60, for a total value of $457,100.00. Following the completion of the sale, the chief executive officer owned 322,388 shares of the company's stock, valued at $42,103,872.80. This represents a 1.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 23,665 shares of company stock valued at $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.

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