Palomar (NASDAQ:PLMR) Trading 4.5% Higher – Should You Buy?

Palomar Holdings, Inc. (NASDAQ:PLMR)’s stock price traded up 4.5% during trading on Friday . The stock traded as high as $108.88 and last traded at $107.8950. 80,382 shares were traded during trading, a decline of 69% from the average session volume of 257,526 shares. The stock had previously closed at $103.27.

Analysts Set New Price Targets

Several research analysts recently issued reports on PLMR shares. Evercore started coverage on shares of Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Zacks Research cut shares of Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Weiss Ratings cut shares of Palomar from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Piper Sandler reduced their target price on shares of Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a report on Monday, May 11th. Finally, Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Palomar has a consensus rating of “Moderate Buy” and a consensus price target of $147.75.

Palomar Stock Up 5.1%

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. The business’s fifty day simple moving average is $118.64 and its two-hundred day simple moving average is $123.42. The company has a market cap of $2.88 billion, a PE ratio of 15.12 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last released 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. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The company had revenue of $278.94 million during the quarter, compared to analysts’ expectations of $557.79 million. During the same quarter in the previous year, the company earned $1.87 earnings per share. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. On average, analysts predict that Palomar Holdings, Inc. will post 8.95 earnings per share for the current year.

Insiders Place Their Bets

In other Palomar news, President Jon Christianson sold 3,000 shares of Palomar stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $125.00, for a total value of $375,000.00. Following the completion of the transaction, the president owned 62,919 shares of the company’s stock, valued at approximately $7,864,875. The trade was a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $120.58, for a total transaction of $422,030.00. Following the completion of the transaction, the chief executive officer directly owned 339,888 shares of the company’s stock, valued at $40,983,695.04. The trade was a 1.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 18,634 shares of company stock valued at $2,318,111 in the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new stake in shares of Palomar during the fourth quarter worth about $32,000. Kestra Advisory Services LLC purchased a new stake in shares of Palomar during the fourth quarter worth about $33,000. Rockefeller Capital Management L.P. increased its stake in shares of Palomar by 81.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares in the last quarter. Clearstead Advisors LLC increased its stake in shares of Palomar by 31.0% during the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after purchasing an additional 94 shares in the last quarter. Finally, Frazier Financial Advisors LLC purchased a new stake in shares of Palomar during the fourth quarter worth about $54,000. 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.