Insider Selling: Palomar (NASDAQ:PLMR) Insider Sells $35,979.24 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 281 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total transaction of $35,979.24. Following the completion of the sale, the insider owned 27,579 shares of the company’s stock, valued at $3,531,215.16. This represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Jonathan Knutzen also recently made the following trade(s):

• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $54,185.76.
• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total value of $54,185.76.
• On Saturday, January 31st, Jonathan Knutzen sold 290 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total value of $35,304.60.
• On Wednesday, January 28th, Jonathan Knutzen sold 1,535 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $184,015.80.

Palomar Stock Performance

PLMR opened at $120.61 on Monday. The firm has a market cap of $3.20 billion, a P/E ratio of 16.80 and a beta of 0.44. The business has a 50 day moving average price of $129.40 and a 200 day moving average price of $123.22. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.06 by $0.18. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The company had revenue of $492.63 million for the quarter, compared to the consensus estimate of $204.58 million. During the same quarter last year, the company posted $1.52 earnings per share. The company’s revenue for the quarter was up 62.7% compared to the same quarter last year. As a group, analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after acquiring an additional 197 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Palomar during the third quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its stake in shares of Palomar by 210.0% in the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after purchasing an additional 147 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in Palomar in the fourth quarter worth $32,000. Finally, Kestra Advisory Services LLC acquired a new stake in Palomar during the fourth quarter worth $33,000. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PLMR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Finally, Evercore started coverage on Palomar in a research report on Monday, February 9th. They issued an “outperform” rating and a $150.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $162.17.

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.