Palomar Holdings, Inc. $PLMR Shares Newly Purchased by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 32,600 shares of the company’s stock, valued at approximately $4,019,000.

Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP purchased a new position in Palomar in the second quarter valued at about $43,000. Frazier Financial Advisors LLC acquired a new stake in Palomar during the 2nd quarter valued at approximately $51,000. Fortitude Family Office LLC boosted its stake in shares of Palomar by 5,050.0% during the 3rd quarter. Fortitude Family Office LLC now owns 412 shares of the company’s stock valued at $51,000 after buying an additional 404 shares during the last quarter. Parallel Advisors LLC boosted 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 valued at $53,000 after buying an additional 383 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Palomar during the second quarter worth approximately $98,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PLMR shares. JPMorgan Chase & Co. dropped their price target on shares of Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Weiss Ratings cut shares of Palomar from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 30th. Piper Sandler increased their price objective on shares of Palomar from $165.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 29th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $161.00 to $172.00 and gave the stock an “outperform” rating in a report on Tuesday. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.80.

Insider Transactions at Palomar

In related news, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $138.31, for a total transaction of $484,085.00. Following the sale, the chief executive officer directly owned 315,388 shares of the company’s stock, valued at approximately $43,621,314.28. This represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 528 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total value of $67,452.00. Following the transaction, the president owned 66,970 shares in the company, valued at $8,555,417.50. This trade represents a 0.78% 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 12,115 shares of company stock valued at $1,619,923 over the last 90 days. Insiders own 3.70% of the company’s stock.

Palomar Stock Down 1.2%

Shares of Palomar stock opened at $159.15 on Thursday. The company has a quick ratio of 0.50, a current ratio of 0.49 and a debt-to-equity ratio of 0.30. The firm has a market cap of $4.19 billion, a P/E ratio of 17.90 and a beta of 0.28. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $162.08. The business has a 50-day moving average price of $136.61 and a 200 day moving average price of $127.35.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, November 4th. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.45. Palomar had a return on equity of 25.27% and a net margin of 17.60%. The company had revenue of $386.59 million for the quarter, compared to the consensus estimate of $754.28 million. During the same quarter last year, the business posted $2.01 EPS. On average, sell-side analysts forecast that Palomar Holdings, Inc. will post 9.30 earnings per share for the current fiscal year.

Palomar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Tuesday, November 17th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, November 17th. Palomar’s payout ratio is 22.53%.

Palomar Profile

Palomar Holdings, Inc. is a specialty property insurer that provides coverage for risks that can be difficult to insure through standard policies. Its offerings include earthquake, hurricane, flood and wildfire insurance, along with specialty homeowners and commercial property coverage. The company distributes its products through a network of agents, brokers and other partners, serving customers in the United States. Its business has grown from an initial focus on earthquake insurance into a broader range of specialty insurance markets.