Handelsbanken Fonder AB Sells 20,389 Shares of Palomar Holdings, Inc. $PLMR

Handelsbanken Fonder AB trimmed its holdings in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) by 12.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,559 shares of the company’s stock after selling 20,389 shares during the quarter. Handelsbanken Fonder AB’s holdings in Palomar were worth $18,776,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Geneos Wealth Management Inc. purchased a new position in Palomar in the fourth quarter worth $32,000. Kestra Advisory Services LLC purchased a new stake in shares of Palomar during the 4th quarter valued at $33,000. Rockefeller Capital Management L.P. increased its position in shares of 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. Frazier Financial Advisors LLC bought a new stake in shares of Palomar during the 4th quarter worth $54,000. Finally, Parallel Advisors LLC raised its stake in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after purchasing an additional 383 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Palomar Stock Performance

Shares of PLMR opened at $127.54 on Thursday. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. The stock’s fifty day moving average price is $128.25 and its two-hundred day moving average price is $123.70. The firm has a market cap of $3.36 billion, a PE ratio of 17.14 and a beta of 0.40.

Palomar (NASDAQ:PLMR) 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. 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 the consensus estimate of $621.52 million. During the same quarter in the prior year, the company earned $1.76 EPS. On average, equities research analysts forecast that Palomar Holdings, Inc. will post 9.06 EPS for the current year.

Palomar Announces Dividend

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

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the transaction, the chief executive officer owned 329,388 shares in the company, valued at $37,207,668.48. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at approximately $9,273,681. This trade represents a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,050 shares of company stock worth $2,875,050 over the last ninety days. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

PLMR has been the subject of several research reports. Keefe, Bruyette & Woods increased 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. Piper Sandler lifted their price objective 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. Evercore set a $152.00 target price on shares of Palomar in a research note 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. Finally, Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and an average target price of $162.75.

Palomar Company 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.