Palomar (NASDAQ:PLMR) Cut to Hold at Wall Street Zen

by · The Markets Daily

Wall Street Zen lowered shares of Palomar (NASDAQ:PLMR – Free Report) from a buy rating to a hold rating in a research report sent to investors on Sunday.

Several other brokerages have also recently commented on PLMR. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Evercore initiated coverage on shares of Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $163.00.

Read Our Latest Stock Analysis on PLMR

Palomar Stock Down 1.4%

Shares of NASDAQ PLMR opened at $124.85 on Friday. The stock’s fifty day simple moving average is $128.10 and its 200 day simple moving average is $123.28. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 17.39 and a beta of 0.46. Palomar has a 52-week low of $107.75 and a 52-week high of $175.85.

Palomar (NASDAQ:PLMR – Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to the consensus estimate of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.Palomar’s revenue was up 62.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.52 earnings per share. As a group, analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other Palomar news, President Jon Christianson sold 1,991 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $238,681.08. Following the completion of the sale, the president owned 62,985 shares in the company, valued at $7,550,641.80. This represents a 3.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the transaction, the chief executive officer owned 91,737 shares in the company, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 58,999 shares of company stock valued at $7,253,229. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PLMR. Royal Bank of Canada grew its stake in shares of Palomar by 49.1% in the 1st quarter. Royal Bank of Canada now owns 2,956 shares of the company’s stock valued at $406,000 after buying an additional 974 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Palomar by 5.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,427 shares of the company’s stock valued at $2,115,000 after acquiring an additional 791 shares during the last quarter. NewEdge Advisors LLC bought a new stake in Palomar in the first quarter worth approximately $66,000. United Services Automobile Association bought a new stake in Palomar in the first quarter worth approximately $223,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Palomar by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,661 shares of the company’s stock worth $9,960,000 after purchasing an additional 7,754 shares during the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

About Palomar

(Get Free Report)

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.

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