Wall Street Zen Downgrades Palomar (NASDAQ:PLMR) to Hold

Palomar (NASDAQ:PLMR) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other analysts also recently issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Evercore ISI dropped their price target on shares of Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Palomar from $164.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, November 11th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $157.67.

Palomar Price Performance

NASDAQ:PLMR opened at $134.96 on Friday. The firm’s 50-day moving average price is $121.25 and its 200-day moving average price is $128.95. The company has a market capitalization of $3.58 billion, a PE ratio of 21.05 and a beta of 0.50. Palomar has a 1-year low of $98.42 and a 1-year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. Equities analysts anticipate that Palomar will post 5.99 EPS for the current fiscal year.

Insider Activity at Palomar

In related news, President Jon Christianson sold 522 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $67,254.48. Following the completion of the sale, the president owned 59,631 shares in the company, valued at approximately $7,682,858.04. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 782 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $100,752.88. Following the completion of the transaction, the chief financial officer directly owned 7,916 shares in the company, valued at $1,019,897.44. The trade was a 8.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,803 shares of company stock valued at $2,348,771 over the last ninety days. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC purchased a new position in Palomar during the third quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its position in shares of Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares during the period. Allworth Financial LP lifted its stake in shares of Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after buying an additional 197 shares in the last quarter. Maseco LLP bought a new position in Palomar in the 2nd quarter worth $45,000. Finally, Clearstead Advisors LLC increased its stake in Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after buying an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.