Palomar (NASDAQ:PLMR) Stock Price Down 7.1%

Palomar Holdings, Inc. (NASDAQ:PLMRGet Rating) traded down 7.1% during mid-day trading on Wednesday . The company traded as low as $57.96 and last traded at $59.25. 4,043 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 156,505 shares. The stock had previously closed at $63.76.

A number of analysts have issued reports on the stock. William Blair reissued an “outperform” rating on shares of Palomar in a report on Thursday, February 17th. TheStreet raised shares of Palomar from a “c” rating to a “b-” rating in a report on Monday, April 18th. Finally, Truist Financial cut their price target on shares of Palomar from $105.00 to $77.00 in a report on Friday, February 18th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Palomar currently has a consensus rating of “Buy” and an average price target of $82.40.

The firm has a market cap of $1.53 billion, a P/E ratio of 37.95 and a beta of 0.19. The company’s 50 day moving average is $59.89 and its 200 day moving average is $59.61.

Palomar (NASDAQ:PLMRGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.62 by $0.06. The business had revenue of $79.39 million during the quarter, compared to the consensus estimate of $76.89 million. Palomar had a net margin of 15.82% and a return on equity of 13.53%. During the same quarter in the prior year, the firm earned $0.73 EPS. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 2.97 EPS for the current fiscal year.

In related news, CFO T Christopher Uchida sold 500 shares of the stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $59.17, for a total value of $29,585.00. Following the completion of the transaction, the chief financial officer now owns 25,925 shares of the company’s stock, valued at approximately $1,533,982.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP acquired a new position in Palomar in the 1st quarter valued at approximately $266,000. Dynamic Technology Lab Private Ltd acquired a new position in Palomar in the 1st quarter valued at approximately $889,000. Goldman Sachs Group Inc. increased its position in Palomar by 322.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 88,038 shares of the company’s stock valued at $5,634,000 after acquiring an additional 67,213 shares during the period. State Street Corp increased its position in Palomar by 4.2% in the 1st quarter. State Street Corp now owns 764,408 shares of the company’s stock valued at $48,914,000 after acquiring an additional 30,858 shares during the period. Finally, Maven Securities LTD acquired a new position in Palomar in the 1st quarter valued at approximately $320,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Palomar Company Profile (NASDAQ:PLMR)

Palomar Holdings, Inc, an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance, commercial flood, real estate error and omission, and real estate investor products.

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