Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given a consensus rating of “Moderate Buy” by the six research firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $147.75.

Several analysts have issued reports on the company. Piper Sandler dropped their price objective on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen downgraded shares of Palomar from a “buy” rating to a “hold” rating in a research report on Sunday, March 1st. Keefe, Bruyette & Woods decreased their target price on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. decreased their target price on Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th.

Palomar Price Performance

NASDAQ:PLMR opened at $111.58 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average price is $116.21 and its two-hundred day moving average price is $122.38. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 15.54 and a beta of 0.44. Palomar has a 12-month low of $100.81 and a 12-month high of $162.65.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.14. The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The business’s revenue for the quarter was up 59.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.87 earnings per share. On average, analysts anticipate that Palomar will post 8.99 earnings per share for the current year.

Insider Activity at Palomar

In other news, President Jon Christianson sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total value of $375,000.00. Following the transaction, the president owned 62,919 shares of the company’s stock, valued at approximately $7,864,875. This represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $114.39, for a total value of $400,365.00. Following the completion of the transaction, the chief executive officer directly owned 332,888 shares in the company, valued at $38,079,058.32. The trade was a 1.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,134 shares of company stock worth $1,896,081 in the last ninety days. 3.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palomar

Several institutional investors have recently made changes to their positions in PLMR. HighTower Advisors LLC boosted its position in Palomar by 652.7% during the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after acquiring an additional 15,273 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Palomar by 12.4% during the third quarter. JPMorgan Chase & Co. now owns 88,841 shares of the company’s stock valued at $10,372,000 after acquiring an additional 9,831 shares during the last quarter. Moran Wealth Management LLC bought a new stake in Palomar during the fourth quarter valued at $2,473,000. Danske Bank A S boosted its position in Palomar by 69.9% during the fourth quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after acquiring an additional 56,898 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co bought a new position in shares of Palomar during the 3rd quarter worth about $1,392,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

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.