Palomar Holdings, Inc. (NASDAQ:PLMR – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $147.44 and last traded at $146.4260, with a volume of 71843 shares trading hands. The stock had previously closed at $142.13.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods reduced their price target on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. dropped 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. Piper Sandler reduced their target price 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, Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.75.
Read Our Latest Stock Analysis on PLMR
Palomar Stock Performance
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 return on equity of 22.62% and a net margin of 20.11%.The company had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. During the same quarter last year, the company earned $1.87 EPS. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. As a group, sell-side analysts forecast that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal year.
Insider Transactions at Palomar
In other news, President Jon Christianson sold 6,863 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total value of $957,388.50. Following the sale, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $112.96, for a total value of $395,360.00. Following the transaction, the chief executive officer owned 329,388 shares of the company’s stock, valued at $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 22,977 shares of company stock valued at $2,933,488. Insiders own 3.70% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in shares of Palomar in the fourth quarter worth approximately $32,000. Kestra Advisory Services LLC bought a new stake in shares of Palomar during the fourth quarter valued at approximately $33,000. Rockefeller Capital Management L.P. increased its position in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock valued at $40,000 after acquiring an additional 132 shares in the last quarter. Parallel Advisors LLC raised its holdings in Palomar by 638.3% in 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. Finally, Frazier Financial Advisors LLC purchased a new position in Palomar in the 4th quarter worth approximately $54,000. 90.25% of the stock is owned by hedge funds and other institutional investors.
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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