Jupiter Topco LLC Purchases New Position in Palomar Holdings, Inc. $PLMR

Jupiter Topco LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,045,459 shares of the company’s stock, valued at approximately $132,166,000. Jupiter Topco LLC owned 3.97% of Palomar as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PLMR. BlackRock Inc. acquired a new position in shares of Palomar in the second quarter valued at approximately $556,348,000. Vanguard Group Inc. lifted its holdings in Palomar by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after purchasing an additional 67,038 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after purchasing an additional 138,368 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after purchasing an additional 101,698 shares during the period. Finally, Stephens Investment Management Group LLC boosted its stake in Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after purchasing an additional 20,597 shares during the period. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $130.60, for a total transaction of $457,100.00. Following the sale, the chief executive officer directly owned 322,388 shares in the company, valued at $42,103,872.80. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO T Christopher Uchida sold 791 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total transaction of $101,042.34. Following the completion of the transaction, the chief financial officer directly owned 16,238 shares in the company, valued at approximately $2,074,242.12. This represents a 4.65% decrease in their ownership of the stock. 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 a total of 23,665 shares of company stock valued at $3,138,093 over the last three months. 3.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on PLMR. Piper Sandler increased their price objective on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. lifted their price objective on shares of Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Finally, Evercore set a $152.00 price objective on shares of Palomar in a report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Palomar presently has an average rating of “Moderate Buy” and a consensus target price of $162.75.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $131.82 on Thursday. The stock has a market capitalization of $3.47 billion, a PE ratio of 17.72 and a beta of 0.40. 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 has a fifty day moving average price of $131.86 and a two-hundred day moving average price of $124.08. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $147.62.

Palomar (NASDAQ:PLMR) last released its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. The firm had revenue of $314.42 million during the quarter, compared to the consensus estimate of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same period in the prior year, the company posted $1.76 EPS. As a group, equities analysts predict that Palomar Holdings, Inc. will post 9.21 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $1.80 annualized dividend and a yield of 1.4%. Palomar’s dividend payout ratio is currently 24.19%.

Palomar 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.