Timothy Carter Sells 480 Shares of Palomar (NASDAQ:PLMR) Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Timothy Carter sold 480 shares of Palomar stock in a transaction on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the sale, the insider owned 1,670 shares in the company, valued at $207,564.30. This represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Stock Performance

NASDAQ PLMR opened at $133.69 on Thursday. The company has a fifty day moving average of $115.25 and a two-hundred day moving average of $122.64. The company has a market capitalization of $3.54 billion, a PE ratio of 18.62 and a beta of 0.41. Palomar Holdings, Inc. has a 1 year low of $100.81 and a 1 year high of $150.20. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49.

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

Analysts Set New Price Targets

PLMR has been the subject of a number of research reports. Zacks Research cut Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Weiss Ratings upgraded shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. cut their target price on shares of Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Piper Sandler reduced their price target on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $186.00 to $159.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.75.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC increased its holdings in shares of Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company’s stock valued at $2,374,000 after purchasing an additional 15,273 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Palomar by 12.4% during the third quarter. JPMorgan Chase & Co. now owns 88,841 shares of the company’s stock worth $10,372,000 after purchasing an additional 9,831 shares during the period. Moran Wealth Management LLC purchased a new position in Palomar in the 4th quarter valued at $2,473,000. Danske Bank A S grew its position in Palomar by 69.9% in the 4th quarter. Danske Bank A S now owns 138,295 shares of the company’s stock valued at $18,637,000 after buying an additional 56,898 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co acquired a new position in Palomar in the 3rd quarter valued at $1,392,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.