Palomar (NASDAQ:PLMR) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Palomar (NASDAQ:PLMR) from a hold rating to a buy rating in a report issued on Saturday morning.

A number of other brokerages also recently weighed in on PLMR. JPMorgan Chase & Co. raised their target price on shares of Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their target price on shares of Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Finally, Evercore ISI reduced their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $159.50.

Palomar Stock Performance

Shares of PLMR stock opened at $128.69 on Friday. The company has a market capitalization of $3.41 billion, a PE ratio of 20.08 and a beta of 0.42. Palomar has a 52-week low of $98.42 and a 52-week high of $175.85. The business’s fifty day moving average is $127.04 and its 200 day moving average is $125.80.

Palomar (NASDAQ:PLMR) last announced its earnings results on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. The business had revenue of $65.74 million for the quarter. Palomar had a return on equity of 21.93% and a net margin of 22.59%. On average, sell-side analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $122.86, for a total value of $614,300.00. Following the transaction, the chief executive officer owned 358,388 shares in the company, valued at approximately $44,031,549.68. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 782 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total value of $100,752.88. Following the completion of the sale, the chief financial officer directly owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. This trade represents a 8.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,494 shares of company stock worth $2,004,566 in the last 90 days. 3.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palomar

Large investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC bought a new position in shares of Palomar in the third quarter worth approximately $25,000. Richardson Financial Services Inc. boosted its position in Palomar by 210.0% during the 3rd 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 period. Allworth Financial LP grew its holdings in Palomar by 1,970.0% in the 2nd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares during the last quarter. Maseco LLP purchased a new position in shares of Palomar in the second quarter valued at about $45,000. Finally, Clearstead Advisors LLC increased its position in shares of Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after acquiring an additional 94 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

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.