Palomar (NASDAQ:PLMR) Shares Down 4.8% – Should You Sell?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) fell 4.8% on Friday . The stock traded as low as $122.12 and last traded at $121.7010. 13,934 shares were traded during mid-day trading, a decline of 95% from the average session volume of 273,661 shares. The stock had previously closed at $127.84.

Analyst Ratings Changes

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

Palomar Trading Down 0.8%

The company has a market capitalization of $3.24 billion, a PE ratio of 17.05 and a beta of 0.44. The business’s fifty day moving average is $129.52 and its two-hundred day moving average is $123.17.

Palomar (NASDAQ:PLMR) last issued its 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 business had revenue of $492.63 million for the quarter, compared to the consensus estimate of $204.58 million. During the same period last year, the business posted $1.52 EPS. The company’s revenue was up 62.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Transactions at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $122.60, for a total transaction of $613,000.00. Following the completion of the sale, the chief executive officer directly owned 343,388 shares in the company, valued at approximately $42,099,368.80. The trade was a 1.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan Knutzen sold 290 shares of Palomar stock in a transaction on Saturday, January 31st. The stock was sold at an average price of $121.74, for a total value of $35,304.60. Following the completion of the sale, the insider directly owned 27,248 shares of the company’s stock, valued at $3,317,171.52. The trade was a 1.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 57,413 shares of company stock valued at $7,050,158. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in PLMR. Salomon & Ludwin LLC bought a new position in shares of Palomar in the 3rd quarter worth approximately $25,000. Richardson Financial Services Inc. increased 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 buying an additional 147 shares during the last quarter. Allworth Financial LP raised its position in Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares during the period. Geneos Wealth Management Inc. purchased a new position in shares of Palomar during the 4th quarter worth $32,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Palomar in the 4th quarter worth $33,000. Hedge funds and other 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.