Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Average Rating of “Buy” from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average recommendation of “Buy” from the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $163.00.

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note 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. Evercore started coverage on Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, February 23rd.

Insiders Place Their Bets

In other news, President Jon Christianson sold 1,991 shares of Palomar stock in a transaction 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 transaction, the president directly owned 62,985 shares of the company’s stock, valued at $7,550,641.80. The trade was a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 11,484 shares of the company’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the completion of the sale, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This trade represents a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,999 shares of company stock valued at $7,253,229 over the last quarter. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Salomon & Ludwin LLC purchased a new stake in shares of Palomar in the third quarter valued at about $25,000. Richardson Financial Services Inc. grew its holdings in shares of Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after buying an additional 147 shares during the last quarter. Allworth Financial LP grew its holdings in shares of 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 buying an additional 197 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in Palomar in the 4th quarter valued at about $32,000. Finally, Kestra Advisory Services LLC acquired a new position in Palomar in the 4th quarter valued at about $33,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Trading Down 3.5%

Shares of PLMR stock opened at $122.81 on Tuesday. The company has a market cap of $3.28 billion, a P/E ratio of 17.10 and a beta of 0.46. The firm has a fifty day moving average price of $127.28 and a 200 day moving average price of $123.34. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to analysts’ expectations of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The business’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.52 EPS. On average, equities analysts forecast that Palomar will post 5.99 EPS for the current 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.