Palomar (NASDAQ:PLMR) Stock Rating Upgraded by Wall Street Zen

Palomar (NASDAQ:PLMR) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

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

Palomar Price Performance

PLMR stock opened at $120.61 on Friday. Palomar has a 12 month low of $107.75 and a 12 month high of $175.85. The firm has a market cap of $3.20 billion, a PE ratio of 16.80 and a beta of 0.44. The firm has a 50 day simple moving average of $129.40 and a 200 day simple moving average of $123.22.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings results 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 firm had revenue of $492.63 million for the quarter, compared to analyst estimates of $204.58 million. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The firm’s quarterly revenue was up 62.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.52 earnings per share. As a group, sell-side analysts expect that Palomar will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In related news, CFO T Christopher Uchida sold 2,103 shares of Palomar stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total transaction of $252,107.64. Following the completion of the sale, the chief financial officer owned 11,473 shares of the company’s stock, valued at approximately $1,375,383.24. This trade represents a 15.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 11,484 shares of the business’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the completion of the transaction, the chief executive officer owned 91,737 shares in the company, valued at $10,997,431.56. This trade represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 58,999 shares of company stock valued at $7,253,229. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Palomar

Institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Palomar by 250.1% in the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after buying an additional 568,360 shares in the last quarter. Invesco Ltd. lifted its stake in Palomar by 234.1% in the second quarter. Invesco Ltd. now owns 798,361 shares of the company’s stock valued at $123,147,000 after acquiring an additional 559,383 shares during the last quarter. Alliancebernstein L.P. grew its position in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock worth $76,675,000 after acquiring an additional 369,697 shares in the last quarter. Westfield Capital Management Co. LP grew its position in Palomar by 81.0% in the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company’s stock worth $86,223,000 after acquiring an additional 330,592 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Palomar by 72.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after purchasing an additional 328,993 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.