Palomar (NASDAQ:PLMR) Now Covered by Analysts at Evercore ISI

Evercore ISI started coverage on shares of Palomar (NASDAQ:PLMR) in a report published on Monday, Marketbeat reports. The brokerage issued an outperform rating and a $150.00 price objective on the stock.

PLMR has been the topic of a number of other reports. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. boosted their target price on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Wall Street Zen lowered Palomar from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Keefe, Bruyette & Woods raised their price target on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.14.

Palomar Stock Performance

Palomar stock opened at $126.54 on Monday. The firm has a market cap of $3.35 billion, a PE ratio of 19.74 and a beta of 0.44. The firm’s 50 day moving average price is $127.87 and its two-hundred day moving average price is $123.16. Palomar has a twelve month low of $107.75 and a twelve month high of $175.85.

Insiders Place Their Bets

In other news, CEO Mac Armstrong sold 11,484 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $1,376,701.92. Following the transaction, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. This represents a 11.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 2,103 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $252,107.64. Following the completion of the transaction, the chief financial officer directly owned 11,473 shares in the company, valued at $1,375,383.24. The trade was a 15.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,998 shares of company stock valued at $7,255,669 over the last three months. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors have recently modified their holdings of PLMR. Salomon & Ludwin LLC acquired a new position in Palomar in the 3rd quarter valued at $25,000. Richardson Financial Services Inc. boosted its holdings in Palomar by 210.0% during the third quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after acquiring an additional 147 shares during the period. Allworth Financial LP grew its position in shares of Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Palomar in the fourth quarter worth about $32,000. Finally, Clearstead Advisors LLC increased its stake in shares of Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after purchasing an additional 94 shares during the period. Institutional investors own 90.25% of the company’s stock.

About Palomar

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.