Palomar (NASDAQ:PLMR) Insider Timothy Carter Sells 480 Shares of Stock

by · The Markets Daily

Palomar Holdings, Inc. (NASDAQ:PLMR – Get Free Report) insider Timothy Carter sold 480 shares of the stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider directly owned 1,670 shares of the company’s stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Price Performance

Shares of Palomar stock traded up $0.06 during trading on Tuesday, reaching $126.39. 157,667 shares of the stock traded hands, compared to its average volume of 265,004. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $156.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The business has a fifty day simple moving average of $115.35 and a two-hundred day simple moving average of $122.51. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 17.60 and a beta of 0.44.

Palomar (NASDAQ:PLMR – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. The company had revenue of $278.94 million during 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 firm’s revenue was up 59.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.87 earnings per share. Sell-side analysts expect that Palomar Holdings, Inc. will post 8.96 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PLMR shares. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods lowered their price objective on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. JPMorgan Chase & Co. reduced their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, Piper Sandler dropped their price target on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $147.75.

Read Our Latest Stock Report on Palomar

Institutional Trading of Palomar

Several institutional investors have recently added to or reduced their stakes in PLMR. PVG Asset Management Corp grew its stake in shares of Palomar by 526.4% during the first quarter. PVG Asset Management Corp now owns 10,147 shares of the company’s stock valued at $1,147,000 after buying an additional 8,527 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after acquiring an additional 383 shares during the last quarter. Bank of America Corp DE boosted its holdings in Palomar by 1.2% during the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company’s stock valued at $17,515,000 after acquiring an additional 1,693 shares during the period. Janus Henderson Group PLC boosted its holdings in Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after acquiring an additional 138,368 shares during the period. Finally, Amundi grew its position in Palomar by 34.9% in the 1st quarter. Amundi now owns 6,283 shares of the company’s stock valued at $751,000 after acquiring an additional 1,625 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

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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