Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $157.6667.

PLMR has been the subject of several recent analyst reports. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Evercore ISI cut their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. JPMorgan Chase & Co. raised their target price on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th.

Insider Activity at Palomar

In related news, CFO T Christopher Uchida sold 782 shares of Palomar stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the transaction, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. The trade was a 8.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $122.86, for a total value of $614,300.00. Following the sale, the chief executive officer owned 358,388 shares in the company, valued at approximately $44,031,549.68. The trade was a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 14,803 shares of company stock valued at $1,768,671. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its position in shares of Palomar by 234.1% in the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after purchasing an additional 559,383 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Palomar by 290.2% in the 2nd quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after buying an additional 369,697 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Palomar by 81.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock valued at $86,223,000 after buying an additional 330,592 shares during the last quarter. AustralianSuper Pty Ltd purchased a new position in Palomar during the second quarter worth $37,253,000. Finally, Orion Porfolio Solutions LLC increased its position in Palomar by 2,753.2% during the second quarter. Orion Porfolio Solutions LLC now owns 180,491 shares of the company’s stock worth $27,841,000 after buying an additional 174,165 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Down 0.8%

Shares of NASDAQ:PLMR opened at $136.29 on Thursday. Palomar has a fifty-two week low of $98.42 and a fifty-two week high of $175.85. The firm’s 50-day simple moving average is $122.35 and its 200-day simple moving average is $127.96. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 21.26 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Friday, December 16th. The company reported $0.07 earnings per share (EPS) for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The firm had revenue of $65.74 million during the quarter. On average, research analysts forecast that Palomar will post 5.99 EPS for the current year.

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.