Palomar (NASDAQ:PLMR) Insider Sells 296 Shares

Key Points

• Palomar insider Jonathan Knutzen sold 296 shares at an average price of $127.75, totaling $37,814. The sale covered tax withholding tied to vested equity awards, leaving him with 28,250 shares.
• PLMR recently traded at $128.87, while analysts maintain a “Moderate Buy” consensus with an average price target of $162.75. Four analysts rate the stock Buy and two rate it Hold.
• Palomar reported quarterly earnings of $2.36 per share, exceeding estimates of $2.19, and declared a $0.45 quarterly dividend, equivalent to a 1.4% annual yield.

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) insider Jonathan Knutzen sold 296 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $127.75, for a total value of $37,814.00. Following the completion of the transaction, the insider directly owned 28,250 shares of the company's stock, valued at approximately $3,608,937.50. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Price Performance

PLMR stock traded up $1.99 during midday trading on Thursday, reaching $128.87. The stock had a trading volume of 180,148 shares, compared to its average volume of 269,775. The company's fifty day simple moving average is $130.18 and its 200 day simple moving average is $123.84. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 17.32 and a beta of 0.40. The company has a current ratio of 0.50, a quick 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 posted its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.17. The firm 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 period last year, the firm posted $1.76 earnings per share. As a group, sell-side analysts predict that Palomar Holdings, Inc. will post 9.14 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a $0.45 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a yield of 1.4%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. BlackRock Inc. acquired a new stake in shares of Palomar during the 2nd quarter worth approximately $556,348,000. Jupiter Topco LLC acquired a new position in Palomar in the second quarter valued at approximately $132,166,000. Freestone Grove Partners LP acquired a new position in Palomar in the second quarter valued at approximately $78,657,000. Janus Henderson Group PLC grew its position in Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock worth $107,237,000 after acquiring an additional 568,360 shares during the period. Finally, Alliancebernstein L.P. grew its position in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock worth $76,675,000 after acquiring an additional 369,697 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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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