131,470 Shares in Palomar Holdings, Inc. $PLMR Acquired by Danske Bank A S

Danske Bank A S purchased a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 131,470 shares of the company’s stock, valued at approximately $16,616,000. Danske Bank A S owned 0.50% of Palomar at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Palomar in the second quarter valued at approximately $556,348,000. Janus Henderson Group PLC lifted its stake in Palomar by 250.1% in the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after acquiring an additional 568,360 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after purchasing an additional 369,697 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Palomar in the second quarter worth about $30,966,000. Finally, Balyasny Asset Management L.P. raised its position in shares of Palomar by 290.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock valued at $41,605,000 after buying an additional 229,681 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Price Performance

NASDAQ PLMR opened at $128.87 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 17.32 and a beta of 0.40. The company’s 50 day moving average is $130.45 and its two-hundred day moving average is $123.88. Palomar Holdings, Inc. has a 12 month low of $100.81 and a 12 month high of $147.62.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The firm had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same period last year, the company earned $1.76 EPS. As a group, research analysts anticipate 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. Investors of record on Wednesday, August 19th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Wednesday, August 19th. Palomar’s payout ratio is currently 24.19%.

Insider Activity

In related news, CFO T Christopher Uchida sold 791 shares of the business’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 transaction, the chief financial officer directly owned 16,238 shares in the company, valued at approximately $2,074,242.12. The trade was a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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, President Jon Christianson sold 6,863 shares of Palomar stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the sale, the president owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 20,165 shares of company stock worth $2,680,993. Company insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PLMR shares. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Evercore set a $152.00 price objective on shares of Palomar in a research note on Friday, July 10th. Piper Sandler raised 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. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Keefe, Bruyette & Woods upped their price target on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.