Key Points
- Palomar insider Jonathan Knutzen sold 296 shares at an average price of $127.75, totaling $37,814, to cover tax withholding on vested equity awards. He retains 28,250 shares.
- Palomar reported quarterly EPS of $2.36, exceeding analysts’ $2.19 estimate, while revenue reached $314.42 million. Analysts expect full-year EPS of approximately $9.14.
- The company declared a quarterly dividend of $0.45 per share, equivalent to $1.80 annually and a 1.4% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $162.75.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) insider Jonathan Knutzen sold 296 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 28,250 shares of the company's stock, valued at $3,608,937.50. The trade was a 1.04% decrease in their ownership of the stock. The sale 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.
Palomar Stock Performance
NASDAQ PLMR opened at $128.87 on Friday. 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. The business's 50-day moving average price is $130.45 and its 200 day moving average price is $123.88. The firm has a market cap of $3.39 billion, a P/E ratio of 17.32 and a beta of 0.40.
Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $621.52 million. During the same period last year, the firm earned $1.76 EPS. On average, equities research analysts expect that Palomar Holdings, Inc. will post 9.14 earnings per share for the current year.
Palomar Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Palomar's dividend payout ratio (DPR) is currently 24.19%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new stake in shares of Palomar during the fourth quarter worth about $32,000. Kestra Advisory Services LLC acquired a new stake in Palomar during the fourth quarter worth approximately $33,000. Rockefeller Capital Management L.P. raised its holdings in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock valued at $40,000 after acquiring an additional 132 shares during the last quarter. Quantbot Technologies LP acquired a new position in Palomar in the 2nd quarter valued at $43,000. Finally, Frazier Financial Advisors LLC acquired a new stake in shares of Palomar during the second quarter worth $51,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on PLMR shares. Evercore set a $152.00 price target on shares of Palomar in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Weiss Ratings raised Palomar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Zacks Research lowered shares of Palomar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Piper Sandler lifted their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $162.75.
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About Palomar
(
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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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