Jonathan Knutzen Sells 281 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 281 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the completion of the transaction, the insider directly owned 27,579 shares of the company’s stock, valued at approximately $3,531,215.16. The trade was a 1.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Jonathan Knutzen also recently made the following trade(s):

• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total value of $54,185.76.
• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $54,185.76.
• On Saturday, January 31st, Jonathan Knutzen sold 290 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total value of $35,304.60.
• On Wednesday, January 28th, Jonathan Knutzen sold 1,535 shares of Palomar stock. The stock was sold at an average price of $119.88, for a total value of $184,015.80.

Palomar Trading Down 2.3%

NASDAQ:PLMR traded down $2.81 during midday trading on Friday, hitting $120.61. 332,759 shares of the company traded hands, compared to its average volume of 275,399. The firm has a market capitalization of $3.20 billion, a P/E ratio of 16.80 and a beta of 0.44. The firm’s fifty day moving average is $129.40 and its 200-day moving average is $123.10. Palomar Holdings, Inc. has a 12-month low of $107.75 and a 12-month high of $175.85.

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

Analyst Upgrades and Downgrades

PLMR has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Evercore initiated coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. increased their target price on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $162.17.

Hedge Funds Weigh In On Palomar

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in Palomar by 49.1% in the first quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock worth $406,000 after acquiring an additional 974 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Palomar by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after purchasing an additional 791 shares in the last quarter. NewEdge Advisors LLC bought a new stake in shares of Palomar in the 1st quarter valued at about $66,000. United Services Automobile Association purchased a new stake in shares of Palomar in the 1st quarter worth approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Palomar by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock valued at $9,960,000 after purchasing an additional 7,754 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.