Trillium Asset Management LLC Buys New Stake in Palomar Holdings, Inc. $PLMR

Trillium Asset Management LLC purchased a new stake in Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,537 shares of the company’s stock, valued at approximately $4,365,000.

A number of other institutional investors have also modified their holdings of PLMR. BlackRock Inc. acquired a new position in shares of Palomar in the 2nd quarter valued at about $556,348,000. Vanguard Group Inc. boosted its stake in shares of Palomar by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock worth $363,620,000 after buying an additional 67,038 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Palomar by 17.4% during the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after acquiring an additional 138,368 shares during the period. Westfield Capital Management Co. LP grew its holdings in Palomar by 13.8% during the fourth quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after acquiring an additional 101,698 shares during the period. Finally, Stephens Investment Management Group LLC raised its position in Palomar by 3.0% during the first quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after acquiring an additional 20,597 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling at Palomar

In other news, insider Timothy Carter sold 480 shares of the stock in a transaction that occurred on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider owned 1,670 shares in the company, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO T Christopher Uchida sold 791 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total value of $101,042.34. Following the transaction, the chief financial officer owned 16,238 shares in the company, valued at $2,074,242.12. This trade represents a 4.65% decrease in their position. 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. Over the last quarter, insiders sold 20,165 shares of company stock worth $2,680,993. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLMR. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. JPMorgan Chase & Co. raised 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. Evercore set a $152.00 target price on shares of Palomar in a report on Friday, July 10th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Palomar currently has a consensus rating of “Moderate Buy” and an average price target of $162.75.

Palomar Price 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 stock’s 50-day moving average price is $130.45 and its 200-day moving average price is $123.88. The stock has a market capitalization of $3.39 billion, a PE ratio of 17.32 and a beta of 0.40.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results 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. The company had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same quarter in the prior year, the firm posted $1.76 EPS. As a group, equities analysts expect that Palomar Holdings, Inc. will post 9.14 EPS for the current fiscal year.

Palomar Announces Dividend

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