Palomar (NASDAQ:PLMR) Rating Lowered to “Hold” at Wall Street Zen

Palomar (NASDAQ:PLMR) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Evercore ISI decreased their price objective on Palomar from $168.00 to $134.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. raised their price objective on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.67.

Palomar Price Performance

Shares of Palomar stock opened at $134.96 on Friday. Palomar has a 1 year low of $98.42 and a 1 year high of $175.85. The firm’s 50-day moving average is $121.25 and its two-hundred day moving average is $128.33. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 21.05 and a beta of 0.50.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The business had revenue of $65.74 million during the quarter. On average, equities analysts expect that Palomar will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $36,204.04. Following the completion of the sale, the insider owned 21,565 shares in the company, valued at approximately $2,778,434.60. This represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Jon Christianson sold 522 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total value of $67,254.48. Following the transaction, the president owned 59,631 shares in the company, valued at approximately $7,682,858.04. This trade represents a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 14,803 shares of company stock valued at $1,768,671. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of large investors have recently modified their holdings of PLMR. Salomon & Ludwin LLC purchased a new position in shares of Palomar in the 3rd quarter valued at approximately $25,000. Richardson Financial Services Inc. grew its position in Palomar by 210.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock worth $25,000 after purchasing an additional 147 shares during the last quarter. Allworth Financial LP increased its stake in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares in the last quarter. Maseco LLP acquired a new position in Palomar during the 2nd quarter valued at approximately $45,000. Finally, Clearstead Advisors LLC raised its holdings 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 buying an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.