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

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $150.00.

A number of brokerages have commented on PLMR. Evercore set a $152.00 price objective on Palomar in a research note on Friday. Piper Sandler lowered their target price on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research note on Monday, May 11th. JPMorgan Chase & Co. dropped their target price on Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Keefe, Bruyette & Woods boosted their price target on Palomar from $162.00 to $166.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Finally, Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th.

Insider Activity

In other news, CEO Mac Armstrong sold 3,500 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $112.96, for a total transaction of $395,360.00. Following the transaction, the chief executive officer directly owned 329,388 shares of the company’s stock, valued at approximately $37,207,668.48. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Jon Christianson sold 6,863 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total transaction of $957,388.50. Following the completion of the transaction, the president owned 66,478 shares of the company’s stock, valued at $9,273,681. This trade represents a 9.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,977 shares of company stock worth $2,933,488 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. Janus Henderson Group PLC grew its stake in shares of Palomar by 250.1% during the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after acquiring an additional 568,360 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after acquiring an additional 369,697 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after acquiring an additional 328,993 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in Palomar by 290.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock valued at $41,605,000 after purchasing an additional 229,681 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in Palomar in the first quarter valued at about $23,317,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Performance

NASDAQ:PLMR opened at $136.07 on Monday. 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 capitalization of $3.61 billion, a price-to-earnings ratio of 18.95 and a beta of 0.41. The firm’s fifty day simple moving average is $117.14 and its 200 day simple moving average is $123.15. Palomar has a twelve month low of $100.81 and a twelve month high of $147.62.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same period in the prior year, the company earned $1.87 EPS. The firm’s revenue was up 59.7% on a year-over-year basis. As a group, equities research analysts expect that Palomar will post 8.93 earnings per share for the current fiscal year.

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.