Palomar (NASDAQ:PLMR) Stock Price Down 4.8% – Time to Sell?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s share price dropped 4.8% during trading on Friday . The company traded as low as $122.12 and last traded at $121.7010. Approximately 13,934 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 273,661 shares. The stock had previously closed at $127.84.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PLMR shares. Wall Street Zen downgraded Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. JPMorgan Chase & Co. raised their target price on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price target for the company. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $162.17.

Palomar Stock Down 0.8%

The company has a market capitalization of $3.24 billion, a PE ratio of 17.05 and a beta of 0.44. The company’s 50 day moving average is $129.52 and its two-hundred day moving average is $123.17.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. The firm had revenue of $492.63 million during the quarter, compared to analyst estimates of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The business’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 earnings per share. Analysts forecast that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity

In other Palomar news, CEO Mac Armstrong sold 11,484 shares of Palomar stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the completion of the transaction, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at $10,997,431.56. This trade represents a 11.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO T Christopher Uchida sold 2,103 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the sale, the chief financial officer owned 11,473 shares in the company, valued at approximately $1,375,383.24. This trade represents a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 57,413 shares of company stock worth $7,050,158. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its stake in shares of Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of Palomar during the 3rd quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its holdings in Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares during the period. Geneos Wealth Management Inc. bought a new stake in Palomar in the fourth quarter worth $32,000. Finally, Kestra Advisory Services LLC purchased a new position in Palomar during the fourth quarter worth $33,000. 90.25% of the stock is owned by institutional investors.

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.