Palomar (NASDAQ:PLMR) Sets New 12-Month Low Following Analyst Downgrade

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) reached a new 52-week low during trading on Monday after Piper Sandler lowered their price target on the stock from $151.00 to $132.00. Piper Sandler currently has an overweight rating on the stock. Palomar traded as low as $107.51 and last traded at $108.2820, with a volume of 105730 shares traded. The stock had previously closed at $113.36.

PLMR has been the subject of several other research reports. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 7th. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Weiss Ratings cut shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Palomar from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $157.00.

Insider Activity at Palomar

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the transaction, the insider directly owned 27,579 shares in the company, valued at approximately $3,531,215.16. This represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Jon Christianson sold 3,000 shares of the company’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $125.00, for a total transaction of $375,000.00. Following the transaction, the president owned 62,919 shares in the company, valued at $7,864,875. The trade was a 4.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 21,720 shares of company stock valued at $2,733,817. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Summit Global Investments raised its position in Palomar by 1.7% during the fourth quarter. Summit Global Investments now owns 4,646 shares of the company’s stock worth $626,000 after acquiring an additional 79 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Palomar by 3.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock worth $333,000 after acquiring an additional 82 shares during the last quarter. Quadrant Capital Group LLC raised its position in Palomar by 2.0% during the fourth quarter. Quadrant Capital Group LLC now owns 4,464 shares of the company’s stock worth $602,000 after acquiring an additional 88 shares during the last quarter. Clearstead Advisors LLC raised its position in Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after acquiring an additional 94 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Palomar by 0.4% during the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after acquiring an additional 97 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Trading Down 3.8%

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.50. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 15.19 and a beta of 0.49. The business’s 50-day simple moving average is $123.26 and its 200-day simple moving average is $124.67.

Palomar (NASDAQ:PLMR) last posted 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 business 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 company’s revenue was up 59.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 earnings per share. Research analysts predict that Palomar Holdings, Inc. will post 8.97 earnings per share for the current fiscal year.

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.