Man Group plc Purchases Shares of 3,839 Palomar Holdings, Inc. $PLMR

Man Group plc purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 3,839 shares of the company’s stock, valued at approximately $485,000.

A number of other hedge funds have also recently made changes to their positions in PLMR. Royal Bank of Canada boosted its stake in shares of Palomar by 49.1% in the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after purchasing an additional 974 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Palomar by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock worth $2,115,000 after purchasing an additional 791 shares during the last quarter. NewEdge Advisors LLC bought a new stake in Palomar in the first quarter worth $66,000. United Services Automobile Association purchased a new stake in Palomar during the first quarter valued at about $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Palomar by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after buying an additional 7,754 shares during the period. 90.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Palomar 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 transaction, the chief financial officer directly owned 16,238 shares of the company’s stock, valued at approximately $2,074,242.12. The trade was a 4.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Rodolphe Herve sold 1,207 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $135.35, for a total transaction of $163,367.45. Following the completion of the transaction, the chief operating officer owned 3,548 shares of the company’s stock, valued at $480,221.80. This trade represents a 25.38% 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 a total of 23,665 shares of company stock valued at $3,138,093 over the last three months. Insiders own 3.70% of the company’s stock.

Palomar Stock Up 0.3%

NASDAQ PLMR opened at $136.58 on Friday. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $147.62. The stock has a market capitalization of $3.59 billion, a PE ratio of 18.36 and a beta of 0.39. 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 business’s 50-day moving average is $134.19 and its 200 day moving average is $124.30.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, beating 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 business had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same quarter in the prior year, the company posted $1.76 EPS. Sell-side analysts forecast that Palomar Holdings, Inc. will post 9.21 earnings per share for the current year.

Palomar Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Wednesday, August 19th. Palomar’s dividend payout ratio is currently 24.19%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PLMR. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Evercore set a $152.00 target price on Palomar in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their price target on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Piper Sandler boosted their price objective on Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $162.75.

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.