Palomar Holdings, Inc. (NASDAQ:PLMR – Get Free Report) has received a consensus rating of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $147.75.
A number of research analysts recently weighed in on the stock. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler lowered their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. lowered their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Evercore assumed coverage on shares of Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock.
Get Our Latest Analysis on PLMR
Palomar Price Performance
Palomar (NASDAQ:PLMR – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million for the quarter, compared to analysts’ expectations of $557.79 million. During the same period last year, the firm earned $1.87 EPS. Palomar’s revenue for the quarter was up 59.7% compared to the same quarter last year. Sell-side analysts anticipate that Palomar will post 8.94 earnings per share for the current year.
Insiders Place Their Bets
In related news, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00. Following the transaction, the chief executive officer owned 339,888 shares in the company, valued at approximately $40,983,695.04. The trade was a 1.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 3,000 shares of Palomar stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total transaction of $375,000.00. Following the transaction, the president owned 62,919 shares in the company, valued at approximately $7,864,875. This trade represents a 4.55% 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. In the last 90 days, insiders have sold 18,634 shares of company stock worth $2,318,111. 3.70% of the stock is owned by corporate insiders.
Institutional Trading of Palomar
Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE lifted its stake in Palomar by 1.2% in the 1st quarter. Bank of America Corp DE now owns 146,570 shares of the company’s stock worth $17,515,000 after purchasing an additional 1,693 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Palomar by 17.4% in the first quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after purchasing an additional 138,368 shares during the last quarter. Amundi increased its holdings in shares of Palomar by 34.9% in the first quarter. Amundi now owns 6,283 shares of the company’s stock worth $751,000 after purchasing an additional 1,625 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Palomar by 18.7% in the first quarter. California State Teachers Retirement System now owns 30,280 shares of the company’s stock worth $3,618,000 after purchasing an additional 4,779 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Palomar by 20.6% in the first quarter. Royal Bank of Canada now owns 3,631 shares of the company’s stock worth $434,000 after purchasing an additional 619 shares during 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.
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