Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $147.75.

PLMR has been the topic of several research reports. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Zacks Research lowered Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Piper Sandler decreased their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. JPMorgan Chase & Co. decreased their target price on Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods decreased their target price on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th.

Palomar Price Performance

PLMR opened at $114.42 on Thursday. The stock’s 50-day moving average price is $117.26 and its 200 day moving average price is $122.62. Palomar has a 12-month low of $100.81 and a 12-month high of $162.65. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.31. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 15.94 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.14. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm had revenue of $278.94 million for the quarter, compared to analyst estimates of $557.79 million. During the same quarter in the prior year, the company earned $1.87 EPS. Palomar’s revenue was up 59.7% on a year-over-year basis. As a group, sell-side analysts expect that Palomar will post 8.99 earnings per share for the current year.

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $114.39, for a total value of $400,365.00. Following the sale, the chief executive officer owned 332,888 shares of the company’s stock, valued at $38,079,058.32. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 1,937 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $128.62, for a total value of $249,136.94. Following the completion of the sale, the president directly owned 65,919 shares in the company, valued at $8,478,501.78. This represents a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,634 shares of company stock worth $2,318,111 in the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Palomar by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 2,698,278 shares of the company’s stock valued at $363,620,000 after purchasing an additional 67,038 shares in the last quarter. Janus Henderson Group PLC raised its position in Palomar by 17.4% in the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock valued at $111,664,000 after purchasing an additional 138,368 shares in the last quarter. Westfield Capital Management Co. LP raised its position in Palomar by 13.8% in the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock valued at $113,229,000 after purchasing an additional 101,698 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Palomar by 72.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its position in Palomar by 3.0% in the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock valued at $85,432,000 after purchasing an additional 20,597 shares in 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.