Freestone Grove Partners LP Purchases Shares of 622,335 Palomar Holdings, Inc. $PLMR

Key Points

• Freestone Grove Partners acquired 622,335 Palomar shares worth approximately $78.7 million, representing about 2.36% of the company. Institutional investors collectively own 90.25% of Palomar.
• Palomar reported quarterly EPS of $2.36, exceeding the $2.19 consensus estimate, and declared a $0.45 quarterly dividend, equivalent to a 1.4% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $162.75, while insiders have sold $3.14 million worth of shares over the past 90 days, primarily to cover tax obligations from vested equity awards.

Freestone Grove Partners LP acquired a new position in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 622,335 shares of the company's stock, valued at approximately $78,657,000. Freestone Grove Partners LP owned about 2.36% of Palomar as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Geneos Wealth Management Inc. purchased a new stake in Palomar during the 4th quarter valued at $32,000. Kestra Advisory Services LLC bought a new position in Palomar during the 4th quarter valued at approximately $33,000. Rockefeller Capital Management L.P. raised its position in Palomar by 81.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock valued at $40,000 after purchasing an additional 132 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Palomar in the 2nd quarter worth approximately $43,000. Finally, Frazier Financial Advisors LLC purchased a new stake in Palomar in the 4th quarter worth approximately $54,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO T Christopher Uchida sold 791 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total transaction of $101,042.34. Following the sale, the chief financial officer owned 16,238 shares in the company, valued at approximately $2,074,242.12. The trade was a 4.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Timothy Carter sold 480 shares of the company's stock in a transaction dated Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the sale, the insider directly owned 1,670 shares in the company, valued at $207,564.30. This represents a 22.33% decrease in their ownership of the stock. 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. Insiders have sold 23,665 shares of company stock valued at $3,138,093 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

Palomar Stock Up 0.0%

PLMR stock opened at $131.82 on Thursday. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62. The business's 50 day moving average price is $131.86 and its two-hundred day moving average price is $124.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.40.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results 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 firm had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same quarter in the prior year, the company earned $1.76 EPS. As a group, analysts forecast that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

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 $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Palomar's dividend payout ratio is presently 24.19%.

Analysts Set New Price Targets

PLMR has been the topic of several research analyst reports. Zacks Research cut Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Evercore set a $152.00 price target on shares of Palomar in a report on Friday, July 10th. Weiss Ratings raised shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 18th. Piper Sandler upped their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Palomar from $150.00 to $167.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $162.75.

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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