Palomar (NASDAQ:PLMR – Free Report) had its price target raised by Keefe, Bruyette & Woods from $162.00 to $166.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.
Several other analysts have also recently issued reports on the company. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. JPMorgan Chase & Co. cut their price objective on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Piper Sandler decreased their price target on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research report on Monday, May 11th. Finally, Weiss Ratings upgraded Palomar from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $150.00.
Read Our Latest Report on PLMR
Palomar Trading Down 2.2%
Palomar (NASDAQ:PLMR – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the previous year, the business posted $1.87 earnings per share. The company’s revenue was up 59.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Palomar will post 8.93 earnings per share for the current fiscal year.
Insider Activity at Palomar
In other news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $112.96, for a total value of $395,360.00. Following the completion of the transaction, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. This represents a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the sale, the president directly owned 66,478 shares in the company, valued at approximately $9,273,681. The trade was a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,977 shares of company stock valued at $2,933,488 over the last quarter. 3.70% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in PLMR. PVG Asset Management Corp lifted its stake in Palomar by 526.4% in 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 period. Parallel Advisors LLC increased its stake in Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after purchasing an additional 383 shares in the last quarter. Bank of America Corp DE raised 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 worth $17,515,000 after buying an additional 1,693 shares during the period. Janus Henderson Group PLC lifted its stake in Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after buying an additional 138,368 shares in the last quarter. Finally, Amundi increased its position in shares of Palomar by 34.9% during the first quarter. Amundi now owns 6,283 shares of the company’s stock worth $751,000 after acquiring an additional 1,625 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.
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.
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