Palomar (NASDAQ:PLMR) Shares Down 7.3% on Insider Selling

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR – Get Rating) traded down 7.3% during trading on Friday after an insider sold shares in the company. The company traded as low as $51.01 and last traded at $51.22. 113,922 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 159,090 shares. The stock had previously closed at $55.27.

Specifically, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $55.00, for a total value of $55,000.00. Following the completion of the sale, the chief financial officer now owns 25,108 shares in the company, valued at approximately $1,380,940. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $55.00, for a total value of $55,000.00. Following the completion of the sale, the chief financial officer now owns 25,108 shares in the company, valued at approximately $1,380,940. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jon Christianson sold 4,000 shares of the stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $60.00, for a total value of $240,000.00. Following the completion of the transaction, the president now directly owns 82,249 shares of the company’s stock, valued at $4,934,940. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PLMR shares. Jefferies Financial Group started coverage on Palomar in a report on Monday, December 12th. They issued a “hold” rating and a $55.00 target price for the company. Piper Sandler dropped their target price on Palomar from $72.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Barclays raised their price target on Palomar from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, February 17th. TheStreet cut Palomar from a “b-” rating to a “c+” rating in a report on Tuesday, December 6th. Finally, Keefe, Bruyette & Woods raised their price target on Palomar from $55.00 to $59.00 and gave the company a “market perform” rating in a report on Tuesday, February 21st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Palomar Stock Performance

The stock has a market capitalization of $1.29 billion, a P/E ratio of 25.34 and a beta of 0.06. The stock has a 50-day simple moving average of $54.06 and a 200 day simple moving average of $64.97.

Palomar (NASDAQ:PLMR – Get Rating) last posted its quarterly earnings results on Wednesday, February 15th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Palomar had a return on equity of 17.13% and a net margin of 15.95%. The business had revenue of $83.37 million for the quarter, compared to analyst estimates of $86.32 million. During the same period last year, the company earned $0.74 EPS. The firm’s revenue was up 21.3% on a year-over-year basis. Equities analysts predict that Palomar Holdings, Inc. will post 3.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PLMR. Alliancebernstein L.P. boosted its position in shares of Palomar by 2,612.5% in the 3rd quarter. Alliancebernstein L.P. now owns 799,369 shares of the company’s stock worth $66,923,000 after purchasing an additional 769,899 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Palomar during the fourth quarter worth about $16,058,000. Atlas Capital Advisors LLC lifted its holdings in Palomar by 614.2% during the fourth quarter. Atlas Capital Advisors LLC now owns 366,284 shares of the company’s stock worth $16,541,000 after acquiring an additional 315,000 shares in the last quarter. Driehaus Capital Management LLC bought a new position in Palomar during the second quarter worth about $16,239,000. Finally, Millennium Management LLC bought a new position in Palomar during the fourth quarter worth about $9,260,000. 90.30% of the stock is currently owned by institutional investors.

Palomar Company Profile

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Palomar Holdings, Inc operates as an insurance holding company. The firm focuses on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington and states with exposure to the New Madrid Seismic Zone. It offers property and casualty insurance.