Palomar Holdings, Inc. $PLMR Stock Holdings Trimmed by Villere ST Denis J & Co. LLC

Key Points

• Villere ST Denis cut its Palomar stake by 4%, selling 8,547 shares in the third quarter; it still held 207,722 shares worth about $25.6 million.
• Analyst sentiment remains positive: six analysts rate PLMR a Buy and one a Hold, for a consensus “Moderate Buy” rating and an average price target of $164.80.
• Palomar reported quarterly EPS of $3.01, beating analysts’ $2.56 estimate, and announced a quarterly dividend of $0.45 per share.

Villere ST Denis J & Co. LLC trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 4.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 207,722 shares of the company's stock after selling 8,547 shares during the period. Palomar accounts for about 2.6% of Villere ST Denis J & Co. LLC's holdings, making the stock its 12th largest holding. Villere ST Denis J & Co. LLC owned about 0.79% of Palomar worth $25,610,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in shares of Palomar by 4.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,410 shares of the company's stock worth $429,000 after acquiring an additional 160 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Palomar by 1.1% in the third quarter. Commonwealth Equity Services LLC now owns 9,434 shares of the company's stock valued at $1,163,000 after purchasing an additional 100 shares in the last quarter. Vise Technologies Inc. boosted its holdings in Palomar by 12.4% in the third quarter. Vise Technologies Inc. now owns 3,053 shares of the company's stock valued at $376,000 after purchasing an additional 337 shares in the last quarter. Moody Aldrich Partners LLC acquired a new position in Palomar in the third quarter valued at approximately $6,596,000. Finally, Park Avenue Securities LLC increased its stake in Palomar by 31.8% in the third quarter. Park Avenue Securities LLC now owns 3,897 shares of the company's stock valued at $480,000 after purchasing an additional 940 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Palomar from $168.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday. Weiss Ratings cut shares of Palomar from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, October 30th. Piper Sandler increased their target price on shares of Palomar from $165.00 to $174.00 and gave the company an "overweight" rating in a research report on Friday. Zacks Research lowered shares of Palomar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 29th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Palomar from $166.00 to $167.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $164.80.

Insider Buying and Selling at Palomar

In related news, CFO T. Christopher Uchida sold 791 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total value of $101,042.34. Following the completion of the sale, the chief financial officer owned 16,238 shares in the company, valued at $2,074,242.12. This represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $37,814.00. Following the sale, the insider owned 28,250 shares of the company's stock, valued at approximately $3,608,937.50. This represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 12,115 shares of company stock worth $1,619,923 in the last 90 days. Company insiders own 3.70% of the company's stock.

Palomar Trading Up 0.7%

NASDAQ:PLMR opened at $156.78 on Tuesday. The company has a market capitalization of $4.13 billion, a PE ratio of 16.00 and a beta of 0.28. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $162.08. The stock's 50 day moving average price is $135.50 and its 200 day moving average price is $127.02. 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 (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $3.01 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.45. The company had revenue of $386.59 million during the quarter, compared to analysts' expectations of $754.28 million. Palomar had a return on equity of 25.42% and a net margin of 17.60%. During the same quarter in the previous year, the business earned $2.01 earnings per share. On average, research analysts anticipate that Palomar Holdings, Inc. will post 9.27 EPS for the current year.

Palomar Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Tuesday, November 17th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, November 17th. Palomar's payout ratio is presently 22.53%.

Palomar Profile

Palomar Holdings, Inc is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage.

The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.

Palomar is headquartered in La Jolla, California.

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