Corient Private Wealth LP Has $2.50 Million Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Corient Private Wealth increased its Palomar Holdings stake by 68.9% in the second quarter, bringing its holdings to 19,767 shares valued at approximately $2.50 million. Institutional investors and hedge funds collectively own 90.25% of PLMR.
• Analyst sentiment is favorable, with five analysts rating Palomar a Buy and one assigning a Hold rating. The consensus price target is $162.75, compared with the reported share price of $131.54.
• Palomar exceeded quarterly earnings expectations, reporting $2.36 in EPS versus a $2.19 consensus estimate, while declaring a $0.45 quarterly dividend, equivalent to a 1.4% annualized yield.

Corient Private Wealth LP lifted its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 68.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,767 shares of the company's stock after purchasing an additional 8,065 shares during the quarter. Corient Private Wealth LP owned 0.08% of Palomar worth $2,498,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLMR. BlackRock Inc. acquired a new position in Palomar in the 2nd quarter valued at $556,348,000. Jupiter Topco LLC bought a new stake in Palomar during the second quarter worth about $132,166,000. Freestone Grove Partners LP acquired a new stake in Palomar during the second quarter worth about $78,657,000. Bank of New York Mellon Corp bought a new position in Palomar in the 2nd quarter valued at about $30,966,000. Finally, Empowered Funds LLC bought a new position in Palomar in the 2nd quarter valued at about $24,691,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Palomar Stock Performance

NASDAQ PLMR opened at $131.54 on Wednesday. The firm's fifty day moving average price is $133.72 and its two-hundred day moving average price is $125.23. The stock has a market cap of $3.46 billion, a PE ratio of 17.68 and a beta of 0.39. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. 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 released its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $621.52 million. During the same quarter last year, the business posted $1.76 EPS. On average, equities analysts expect that Palomar Holdings, Inc. will post 9.31 EPS for the current fiscal year.

Palomar Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Palomar's dividend payout ratio (DPR) is presently 24.19%.

Insider Activity at Palomar

In other news, COO Rodolphe Herve sold 1,207 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $135.35, for a total value of $163,367.45. Following the completion of the transaction, the chief operating officer owned 3,548 shares of the company's stock, valued at $480,221.80. This represents a 25.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through 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 firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total transaction of $37,814.00. Following the completion of the transaction, the insider owned 28,250 shares of the company's stock, valued at approximately $3,608,937.50. This trade represents a 1.04% decrease in their position. 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. In the last 90 days, insiders sold 23,665 shares of company stock valued at $3,215,163. Corporate insiders own 3.70% of the company's stock.

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.

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