Corient Private Wealth LP Acquires Shares of 19,342 Palomar Holdings, Inc. $PLMR

Key Points

• Corient Private Wealth LP initiated a position in Palomar Holdings by purchasing 19,342 shares valued at approximately $2.45 million. Institutional investors collectively own 90.25% of the company.
• Analysts remain generally positive, with Palomar receiving a consensus “Moderate Buy” rating and an average price target of $162.75, above its reported share price of $132.12.
• Palomar exceeded quarterly earnings expectations, reporting $2.36 in EPS versus the $2.19 consensus estimate. The company also declared a quarterly dividend of $0.45 per share, equivalent to a 1.4% annualized yield.

Corient Private Wealth LP bought a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,342 shares of the company's stock, valued at approximately $2,445,000. Corient Private Wealth LP owned approximately 0.07% of Palomar as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Palomar during the second quarter valued at $556,348,000. Jupiter Topco LLC purchased a new stake in Palomar in the 2nd quarter worth $132,166,000. Freestone Grove Partners LP purchased a new stake in Palomar in the 2nd quarter worth $78,657,000. Janus Henderson Group PLC boosted its holdings in shares of Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock valued at $107,237,000 after purchasing an additional 568,360 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Palomar by 290.2% during the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock valued at $76,675,000 after purchasing an additional 369,697 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Piper Sandler raised their price objective on Palomar from $132.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Evercore set a $152.00 target price on Palomar in a research report on Friday, July 10th. Weiss Ratings raised Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, June 18th. Zacks Research cut Palomar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Finally, Keefe, Bruyette & Woods raised their price target on Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $162.75.

Palomar Price Performance

Palomar stock opened at $132.12 on Thursday. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 17.76 and a beta of 0.39. The firm's fifty day moving average is $133.61 and its 200 day moving average is $124.19. 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.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same quarter last year, the business earned $1.76 earnings per share. Sell-side analysts forecast that Palomar Holdings, Inc. will post 9.21 EPS for the current fiscal year.

Palomar Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued 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 dividend yield of 1.4%. Palomar's dividend payout ratio (DPR) is presently 24.19%.

Insider Transactions at Palomar

In related news, insider Timothy Carter sold 480 shares of Palomar 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 completion of the transaction, the insider owned 1,670 shares in the company, valued at approximately $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mac Armstrong sold 3,500 shares of the business'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 sale, the chief executive officer directly owned 322,388 shares in the company, valued at $42,103,872.80. The trade was a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Company insiders own 3.70% of the company's stock.

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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