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

Man Group plc bought a new position in shares of Palomar Holdings, Inc. (NASDAQ:PLMR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,839 shares of the company’s stock, valued at approximately $485,000.

A number of other large investors have also recently made changes to their positions in the stock. Summit Global Investments raised its stake in shares of Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company’s stock valued at $626,000 after purchasing an additional 79 shares during the period. Quadrant Capital Group LLC boosted its stake in Palomar by 2.0% in the 4th quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after purchasing an additional 88 shares during the period. California State Teachers Retirement System grew its holdings in Palomar by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock valued at $3,734,000 after buying an additional 97 shares in the last quarter. Covestor Ltd grew its holdings in Palomar by 11.7% during the 4th quarter. Covestor Ltd now owns 1,254 shares of the company’s stock valued at $169,000 after buying an additional 131 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after buying an additional 132 shares during the period. 90.25% of the stock is owned by institutional investors.

Palomar Stock Performance

Shares of PLMR opened at $136.58 on Friday. The company has a market cap of $3.59 billion, a PE ratio of 18.36 and a beta of 0.39. 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 50-day moving average price of $134.19 and a 200-day moving average price of $124.30. Palomar Holdings, Inc. has a 12-month low of $100.81 and a 12-month high of $147.62.

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

Palomar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were given a dividend of $0.45 per share. The ex-dividend date was Wednesday, August 19th. This represents a $1.80 annualized dividend and a dividend yield of 1.3%. Palomar’s dividend payout ratio (DPR) is 24.19%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PLMR. Zacks Research downgraded shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Piper Sandler upped their target price on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price 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 target on shares of Palomar in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $162.75.

Insider Activity

In related news, COO Rodolphe Herve sold 1,207 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $135.35, for a total value of $163,367.45. Following the transaction, the chief operating officer owned 3,548 shares of the company’s stock, valued at $480,221.80. This represents a 25.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total value of $101,042.34. Following the sale, the chief financial officer owned 16,238 shares in the company, valued at $2,074,242.12. The trade was a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 23,665 shares of company stock worth $3,138,093. Corporate insiders own 3.70% of the company’s stock.

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.