Evercore ISI Initiates Coverage on Palomar (NASDAQ:PLMR)

Evercore ISI assumed coverage on shares of Palomar (NASDAQ:PLMR) in a research report issued on Monday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $150.00 price target on the stock. Evercore ISI’s price target suggests a potential upside of 16.05% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods increased their price objective on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Weiss Ratings upgraded shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.14.

Palomar Stock Performance

Palomar stock opened at $129.25 on Monday. Palomar has a 52 week low of $107.75 and a 52 week high of $175.85. The firm has a market capitalization of $3.43 billion, a PE ratio of 20.16 and a beta of 0.44. The business’s 50-day simple moving average is $128.01 and its 200-day simple moving average is $123.14.

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 11,484 shares of Palomar stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the sale, the chief executive officer directly owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jon Christianson sold 1,991 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $238,681.08. Following the completion of the sale, the president owned 62,985 shares in the company, valued at approximately $7,550,641.80. This represents a 3.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 58,998 shares of company stock valued at $7,255,669. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors have recently bought and sold shares of the stock. Allworth Financial LP raised its stake in Palomar by 1,970.0% during the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Palomar in the 3rd quarter worth about $25,000. Richardson Financial Services Inc. increased 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 worth $25,000 after purchasing an additional 147 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in Palomar during the 4th quarter valued at about $32,000. Finally, Hollencrest Capital Management lifted its holdings in Palomar by 56.5% during the 2nd quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock valued at $48,000 after purchasing an additional 113 shares during the last quarter. Institutional investors and hedge funds 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.