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Reporter Name | Uchida T Christopher |
Relationship | Chief Financial Officer |
Type | Sell |
Amount | $100,683 |
SEC Filing | Form 4 |
Palomar Holdings' Chief Financial Officer, Uchida T Christopher, sold 1,017 shares of Common Stock on September 17, 2024, at a price of $99.0 per share, totaling $100,683. Following this transaction, Uchida directly owns 18,573 shares of Palomar Holdings, including 1,666 shares acquired through the Employee Stock Purchase Plan.
SEC Filing: Palomar Holdings, Inc. [ PLMR ] - Form 4 - Sep. 18, 2024
Selective Insurance Group, Inc. SIGI shares have lost 7.4% in the year-to-date period against the industry’s 26% growth. It has also underperformed the Finance sector and the Zacks S&P 500 composite’s return of 13.1% and 17.9%, respectively, in the said time frame.
SIGI Lags Industry, Sector and S&P
Selective Insurance has been grappling with higher expenses over the years, primarily due to increasing loss and loss expense incurred and amortization of deferred policy acquisition costs. In the first half of 2024, the loss and loss expense ratio deteriorated 1,070 basis points (bps) year over year.
Being a property and casualty (P&C) insurer, Selective Insurance remains exposed to catastrophe loss stemming from natural disasters and weather-related events. Such a massive loss poses an inherent risk to the P&C insurance business, inducing volatility in its results. In the first half of 2024, the combined ratio deteriorated 930 bps year over year. SIGI estimates a GAAP combined ratio of 101.5%, up from the prior guidance of 96.5%.
Closing at $92.13 in the last trading session, the stock stands 16% below its 52-week high of $109.58. The stock is trading below the 200-day simple moving average (SMA) of $97.67, indicating downward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
Selective Insurance’s long-term debt of $508.8 million as of June 30, 2024, increased 1% from the 2023 level. Debt-to-total capitalization deteriorated 20 bps to 14.8% from the level as of Dec. 31, 2023. The company’s times interest earned of 16.5 in the first quarter of 2024 was slightly poor compared with 16.9 at the end of 2023, implying that its earnings are insufficient to cover interest obligations.
SIGI’s Expensive Valuation
The stock is overvalued compared with its industry. It currently has a trailing 12-month P/B ratio of 2.06, higher than the industry average of 1.58.
Shares of three other property and casualty insurers, such as NMI Holdings Inc NMIH, Palomar Holdings, Inc. PLMR and Cincinnati Financial Corporation CINF, are also trading at a multiple higher than the industry average.
Negative Analyst Sentiment
Each of the five analysts covering the stock has lowered estimates for 2024 and 2025 over the past 60 days.
The Zacks Consensus Estimate for 2024 and 2025 earnings has moved 43.2% and 3.8% south, respectively, in the past 60 days.
While the consensus estimate for 2024 indicates a 34.8% decline from the year-ago reported figure, the consensus estimate for 2025 indicates an increase of 105.7%.
Factors Favoring SIGI Stock
Exposure growth, solid retention rates and higher new business gains in standard commercial and E&S lines should drive premium growth.
Steady betterment of premiums, improved net investment income and higher other income have resulted in top-line improvement. Over the past seven years (2017-2023), total revenues witnessed a CAGR of 8%.
The E&S Lines segment of Selective Insurance is likely to improve because of renewal pure price increases, higher direct new business and favorable E&S lines marketplace conditions.
Given impressive investment results, Selective Insurance estimates an after-tax net investment income of $360 million that includes $32 million from alternative investments for 2024. Higher income earned on fixed-income securities portfolio due to improved book yields received from the investment of operating and investing cash flows over the past year in the higher interest rate environment is likely to drive the metric.
Impressive Dividend History of Selective Insurance
Riding on a solid capital position, Selective Insurance has been hiking dividends, which registered a nine-year CAGR (2015-2023) of nearly 8.8%. It had $84.2 million remaining under authorization as of June 30, 2024. Riding on strong financial and operating performance, the board has approved a 17% hike in the quarterly cash dividend in November 2023. Such steadfast endeavors buoy confidence among investors, making it an attractive pick for yield-seeking investors. Its dividend yield of 1.5% appears attractive compared with the industry average of 0.2%.
SIGI’s Favorable Return on Capital
Return on equity in the trailing 12 months was 8.7%, better than the industry average of 7.9%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Wrapping Up: Keep on Holding
While Selective Insurance remains well-poised to gain from strong renewal, fuel price increases, favorable excess and surplus (E&S) lines marketplace conditions and higher income earned on fixed-income securities portfolio, the specific challenges facing the company like exposure to catastrophe loss and escalating expenses cannot be ignored.
Despite its expensive valuation, SIGI should benefit from favorable growth estimates, higher return on capital and prudent capital deployment. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
MetLife, Inc. MET benefits on the back of a well-performing Group Benefits business, acquisitions and partnerships, cost-cutting efforts and strong cash balance.
Zacks Rank & Price Performance
MetLife carries a Zacks Rank #2 (Buy) at present.
The stock has gained 10% in the past three months compared with the industry’s growth of 5.3%. The Zacks Finance sector and the S&P 500 composite index have returned 0.8% and 2.4%, respectively, in the said time frame.
Favorable Style Score
MetLife carries an impressive Value Score of A. Value Score helps find stocks that are undervalued. Back-tested results show that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best opportunities in the value investing space.
Robust Growth Prospects
The Zacks Consensus Estimate for MetLife’s 2024 earnings is pegged at $8.67 per share, which indicates an improvement of 18.3% from the 2023 reported figure. The consensus mark for revenues is $73.2 billion, implying a rise of 2% from the 2023 figure. MET’s earnings estimates witnessed seven upward revisions over the past 60 days against no downward movement.
The consensus mark for 2025 earnings is pegged at $9.83 per share, suggesting an improvement of 13.4% from the 2024 estimate. The same for revenues is $76.5 billion, hinting at a 4.6% increase from the 2024 estimate.
Valuation
Price-to-book (P/B) is one of the multiples used for valuing insurance stocks. Compared with the multiline industry’s trailing 12-month P/B ratio of 2.57, MetLife has a reading of 1.92. It is quite evident that the stock is currently undervalued.
Solid Return on Equity
Return on equity in the trailing 12 months is currently 21.4%, which is higher than the industry’s average of 16.2%. This substantiates the company’s efficiency in utilizing shareholders’ funds.
Business Tailwinds
A key revenue contributor is MetLife's steady premiums, which have been recovering from pandemic-driven declines. Premiums are witnessing a steady increase in the Group Benefits business, wherein it rose 4% year over year in the first half of 2024. Growth has also been robust in its EMEA and Latin America segments, further contributing to the company's revenue stream.
MetLife's focus on streamlining its business, coupled with strategic acquisitions and partnerships, is expected to drive long-term growth. The company has expanded its presence in key areas like vision care and pet insurance through acquisitions, such as Versant Health and PetFirst. It has also strengthened its benefits offerings through partnerships with firms like Aura and Nayya.
A strategic push into private credit investments, marked by the acquisition of Raven Capital, and a collaboration with Fidelity Investments on a fixed immediate income annuity further diversify its business portfolio. Additionally, MetLife continues to reduce volatility by divesting capital-intensive units and intensifying focus on high-growth areas.
MetLife's cost-saving measures have resulted in notable operational improvements. Between 2015 and 2020, the company saw an improvement of 230 basis points in its direct expense ratio. This efficiency trend has continued, with the direct expense ratio remaining below the guided 12.3% in the first half of 2024.
MetLife also benefits from a strong liquidity position, with short-term debt of $390 million as of June 30, 2024, significantly overshadowed by its $20.8 billion in cash and cash equivalents. This financial strength underpins shareholder returns through repurchases and dividend payments. In April 2024, management approved a 4.8% dividend increase.
Other Stocks to Consider
Some other top-ranked stocks in the insurance space include CNO Financial Group, Inc. CNO, MGIC Investment Corporation MTG and Palomar Holdings, Inc. PLMR, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of CNO Financial outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 21.21%. The Zacks Consensus Estimate for CNO’s 2024 earnings suggests 11% year-over-year growth. The consensus mark for CNO Financial’s 2024 earnings has moved north by 3% in the past 30 days.
MGIC Investment’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 15.59%. The Zacks Consensus Estimate for MTG’s 2024 earnings indicates 9.1% year-over-year growth, while the same for revenues implies an improvement of 4.7%. MGIC Investment’s consensus mark for 2024 earnings has moved north by 2.2% in the past 30 days.
The bottom line of Palomar outpaced estimates in each of the trailing four quarters, the average surprise being 17.10%. The Zacks Consensus Estimate for PLMR’s 2024 earnings suggests 30.9% year-over-year growth, while the same for revenues implies an improvement of 41.6%. The consensus mark for Palomar’s 2024 earnings has moved north by 1.3% in the past 30 days.
Shares of CNO Financial, MGIC Investment and Palomar have gained 24.2%, 22.4% and 18.3%, respectively, in the past three months.
Zacks Investment Research
Reporter Name | Uchida T Christopher |
Relationship | Chief Financial Officer |
Type | Sell |
Amount | $204,017 |
SEC Filing | Form 4 |
Palomar Holdings' Chief Financial Officer, Uchida T Christopher, sold a total of 2,160 shares of Common Stock on September 9, 2024, for a total sale amount of $204,017. The sales were conducted at weighted average prices of $93.4233, $94.1232, and $95.5274. Following these transactions, Uchida directly owns 19,590 shares of Palomar Holdings. The reported prices represent weighted averages, indicating sales occurred at multiple prices within specified ranges.
SEC Filing: Palomar Holdings, Inc. [ PLMR ] - Form 4 - Sep. 11, 2024
LA JOLLA, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that David Sapia has been appointed Executive Vice President, Head of E&S Casualty, effective September 9, 2024.
David Sapia offers over 30 years of extensive expertise in casualty underwriting and field management, with a specialized focus on the E&S market. His experience in reinsurance and strategic casualty leadership equips him with a unique skill set to drive the expansion of the Company’s casualty franchise. Mr. Sapia will spearhead the development of an E&S casualty division, support the existing casualty operations, and identify additional opportunities for profitable growth in the casualty sector.
“We are thrilled to welcome David to Palomar as the new head of our E&S casualty business,” said Mac Armstrong, Palomar’s Chairman and Chief Executive Officer. “David’s impressive track record in casualty underwriting and his deep industry knowledge will be instrumental in advancing our casualty franchise. His strategic vision will not only bolster our current operations but also fuel our growth initiatives.”
Prior to joining Palomar, Mr. Sapia was the Director of Liability Underwriting for HDI Global USA where he was responsible for the strategy, execution, and portfolio steering for the company’s US casualty business. Prior to HDI Global USA, Mr. Sapia served as Vice President of Underwriting at Axis US Insurance for ten years where he was an excess casualty underwriter in Axis’ West Region focusing on the E&S market. Prior to Axis, Mr. Sapia served as Managing Director at Guy Carpenter, where he managed a team that served the reinsurance needs of ceding clients located throughout the United States and Bermuda. Mr. Sapia was a Sergeant in the United States Marine Corps and received his MBA and BS in Business Administration from the University of Denver.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. Palomar's consolidated results also include Laulima Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.
To learn more, visit PLMR.com
Follow Palomar on LinkedIn: @PLMRInsurance
Contact
Media InquiriesLindsay Conner1-551-206-6217lconner@plmr.com
Investor RelationsJamie Lillis1-203-428-3223investors@plmr.com
Source: Palomar Holdings, Inc.
Thursday, August 29, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including American Express Company , ServiceNow, Inc. and RTX Corporation , as well a micro-cap stocks Frequency Electronics, Inc. . The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Shares of American Express have outperformed the Zacks Financial - Miscellaneous Services industry over the past year (+63.6% vs. +23.4%). The company’s growth initiatives, like launching new products, reaching new agreements and forging alliances, are boosting its revenues.
Consumer spending on travel and entertainment, which carries higher margins for AmEx, is advancing well. It beat Q2 earnings estimates. Its solid cash-generation abilities enable the pursuit of business investments and prudent deployment of capital via buybacks and dividends.
However, with higher utilization of AXP’s cards, costs in the form of card member services and card member rewards are likely to go up. Rising marketing costs are straining its margins. Its current debt level amid a high-interest rate environment induces a rise in interest expenses. The stock is overvalued at the moment. As such, the stock warrants a cautious stance.
(You can read the full research report on American Express here >>>)
ServiceNow shares have outperformed the Zacks Computers - IT Services industry over the year-to-date period (+19.0% vs. +3.6%). The company has been benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation.
ServiceNow had 1,988 total customers with more than $1 million in annual contract value at the end of second quarter, which represents 15% year-over-year growth in customers. ServiceNow had 14 deals greater than $5 million in net new ACV and four deals of more than $10 million. It closed 88 deals greater than $1 million net new ACV.
Generative AI deals continued to gain traction with net new ACV for Now Assist and was part of 11 deals worth more than $1 million in the reported quarter. It is riding on an expanding partner base. Nevertheless, ServiceNow is suffering from persistent inflation, stiff competition, and a challenging macroeconomic environment.
(You can read the full research report on ServiceNow here >>>)
Shares of RTX have outperformed the Zacks Aerospace - Defense industry over the past year (+44.1% vs. +0.3%). The company ended second-quarter 2024 on a solid note, with both its revenues and earnings having surpassed their respective Zacks Consensus Estimate. It continues to receive ample orders for its wide range of combat-proven defense products.
A steadily recovering commercial air traffic has been bolstering commercial OEM as well as commercial aftermarket sales for the company. RTX holds a solid financial position, which enables it to make successful share repurchases.
However, rising crude price tends to put cost pressure on airlines that may affect the operating results of commercial OEM producers like RTX. The company may also be affected if China enforces its announced sanctions against its missile and defense unit. Supply-chain challenges also pose a threat to RTX.
(You can read the full research report on RTX here >>>)
Frequency Electronics shares have outperformed the Zacks Instruments - Control industry over the year-to-date period (+41.8% vs. +10.9%). This microcap company with market capitalization of $135.62 million posted strong financial results in FY 2024, with revenue rising 36% to $55.3 million, driven by U.S. Government satellite programs and DOD customers.
Frequency Electronics turned a $5.5 million net loss in FY 2023 into a $5.6 million net income, reflecting robust revenue growth, effective cost management and overcoming technical challenges. A record $78 million backlog ensures revenue visibility and supports business momentum. Positioned strategically in the growing satellite payload market, Frequency Electronics is capitalizing on demand for low and medium Earth orbit satellites.
A debt-free balance sheet with $27 million in working capital provides flexibility for growth, while a $1.00 per share special dividend underscores shareholder value. However, the shift to cost-sensitive contracts pressures margins, and dependence on government contracts adds revenue uncertainty.
(You can read the full research report on Frequency Electronics here >>>)
Other noteworthy reports we are featuring today include Fidelity National Information Services, Inc. , MPLX LP and Datadog, Inc. .
Director of Research
Sheraz Mian
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Strong Card Member Spending Aids AmEx Amid High Costs
Growing Customer Base & Partnerships Aid ServiceNow
Solid Order Growth Aids RTX, Rising Crude Oil Price Woes
Featured Reports
Datadog Banks on Cloud Partnerships, Customer Additions
Per the Zacks Research analyst, Datadog is benefitting from expanding customer base driven by increased adoption of its cloud-based monitoring and analytics platform.
TELUS Benefits from Increasing Subscriber Engagements
Per the Zacks analyst, TELUS' performance is cushioned by the continued expansion of its subscriber base. Softness across the TELUS Digital segment remains a woe.
Market Adoption Aids Zimmer Biomet amid Macro Issues
The Zacks analyst is impressed with Zimmer Biomet's solid market share gains banking on new launches across all wings. Yet, macroeconomic woes in the form of supply and staffing shortages dent profit.
Improving Volumes to Aid Ball Corporation , Costs Ail
The Zacks analyst believes improving volumes in North America and EMEA along with its focus on driving operating efficiency and productivity will negate the impact of elevated costs on its results.
WEX Benefits From Payzer Acquisition Amid Low Liquidity
Per the Zacks Analyst, the Payzer buyout aids WEX's growth strategy, offering scalable SaaS to 150,000 small business customers. Liquidity decline is a woe.
Asset Growth Aids Invesco , High Level of Goodwill Hurt
Per the Zacks analyst, Invesco's diverse product offerings and rising assets under management will aid revenues. The presence of high levels of goodwill on its balance sheet is a woe.
Build-To-Order Model Aids Toll Brothers , High Costs Ail
Per the Zacks analyst, Toll Brothers is benefiting from its Build-To-Order model and and land acquisition strategies. However, supply constraint and high-cost environment are concerning.
New Upgrades
Strong Organic Growth and Buyouts Aid Fidelity National
Per the Zacks analyst, the strong performance of Fidelity National's Merchants Solution segment is driving revenues. Acquisitions continue to boost its presence across several regions.
Focus on Expansion Initiatives to Benefit MPLX LP
Per the Zacks analyst, MPLX's robust capital expenditure forecast for 2024, with a significant portion dedicated to expansion initiatives, should support its long-term growth.
Growing Top Line, Solid Capital Position Aid Palomar
Per the Zacks analyst, Palomar's growing revenues driven by higher premiums and net investment income have led to significant growth. Moreover, robust capital position supports capital deployment.
New Downgrades
Ironwood's Overdependence on Linzess Poses Concern
Per the Zacks analyst, Ironwood's heavy dependence on its sole marketed drug Linzess for growth is a woe. Also, competition for Linzess in the target market is intensifying, which is an overhang.
Soft Demand to Hurt Capri Holdings Top Line
Per the Zacks analysts, softness in demand for luxury fashion items is likely to hurt Capri Holdings top line. The company is seeing sluggishness across its brands.
Lamb Weston's Volumes Hurt by Soft Restaurant Traffic
Per the Zacks analyst, Lamb Weston is battling soft volumes. In the fourth quarter of fiscal 2024, volumes fell 8% due to weak restaurant traffic as consumers are still adapting to higher menu prices.
Zacks Investment Research
LA JOLLA, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced that Mac Armstrong, Chairman and Chief Executive Officer, and Chris Uchida, Chief Financial Officer, will participate in a fireside chat at the KBW Insurance Conference on Thursday, September 5, 2024 at 10:35 am ET. Management will also be available for one-on-one and small group meetings with investors.
Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. An online replay will be available on the same website following the presentation. Management will also be available for one-on-one and small group meetings with investors.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. Palomar's consolidated results also include Laulima Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.
To learn more, visit PLMR.com
Follow Palomar on LinkedIn: @PLMRInsurance
ContactMedia InquiriesLindsay Conner1-551-206-6217lconner@plmr.com
Investor RelationsJamie Lillis1-203-428-3223investors@plmr.com
Source: Palomar Holdings, Inc.
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