Insider Selling: Palomar (NASDAQ:PLMR) Insider Sells 480 Shares

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

Palomar Trading Up 0.0%

PLMR stock traded up $0.06 during trading on Tuesday, hitting $126.39. The company had a trading volume of 157,667 shares, compared to its average volume of 265,004. The firm has a market capitalization of $3.35 billion, a P/E ratio of 17.60 and a beta of 0.44. Palomar Holdings, Inc. has a 52-week low of $100.81 and a 52-week high of $156.55. The company has a 50 day simple moving average of $115.35 and a 200-day simple moving average of $122.51. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.14. The company had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same quarter last year, the business posted $1.87 EPS. As a group, research analysts forecast that Palomar Holdings, Inc. will post 8.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Palomar

Large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. purchased a new stake in Palomar during the fourth quarter worth $32,000. Kestra Advisory Services LLC purchased a new position in shares of Palomar in the 4th quarter valued at $33,000. Rockefeller Capital Management L.P. raised its position in shares of Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after acquiring an additional 132 shares in the last quarter. Clearstead Advisors LLC raised its position in shares of Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock worth $53,000 after purchasing an additional 383 shares during the last quarter. 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.