Palomar (NASDAQ:PLMR) Shares Gap Down to $81.47

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $81.47, but opened at $79.69. Palomar shares last traded at $78.87, with a volume of 27,764 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PLMR. Keefe, Bruyette & Woods increased their price objective on shares of Palomar from $73.00 to $87.00 and gave the company an "outperform" rating in a report on Wednesday, February 21st. Jefferies Financial Group upgraded Palomar from a "hold" rating to a "buy" rating and increased their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. JPMorgan Chase & Co. downgraded Palomar from an "overweight" rating to a "neutral" rating and raised their price target for the stock from $79.00 to $85.00 in a research report on Monday. Piper Sandler raised their price target on Palomar from $80.00 to $89.00 and gave the stock an "overweight" rating in a research report on Monday, April 1st. Finally, Evercore ISI increased their target price on Palomar from $66.00 to $68.00 and gave the stock an "in-line" rating in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.17.

Palomar Price Performance

The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 25.13 and a beta of 0.21. The firm has a fifty day simple moving average of $73.86 and a two-hundred day simple moving average of $62.61.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.09. The business had revenue of $102.35 million during the quarter, compared to the consensus estimate of $95.07 million. Palomar had a return on equity of 19.35% and a net margin of 21.07%. Equities analysts anticipate that Palomar Holdings, Inc. will post 3.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 7,000 shares of Palomar stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $82.62, for a total transaction of $578,340.00. Following the completion of the sale, the chief executive officer now owns 475,388 shares of the company's stock, valued at $39,276,556.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business's stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $82.62, for a total value of $578,340.00. Following the completion of the transaction, the chief executive officer now directly owns 475,388 shares of the company's stock, valued at $39,276,556.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Jon Christianson sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $82.09, for a total value of $820,900.00. Following the completion of the transaction, the president now directly owns 59,761 shares of the company's stock, valued at $4,905,780.49. The disclosure for this sale can be found here. Insiders sold 39,509 shares of company stock valued at $2,950,557 over the last quarter. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLMR. UBS Group AG increased its position in shares of Palomar by 7,440.0% in the third quarter. UBS Group AG now owns 377 shares of the company's stock valued at $32,000 after buying an additional 372 shares in the last quarter. Signaturefd LLC increased its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company's stock valued at $33,000 after buying an additional 221 shares in the last quarter. FMR LLC increased its position in shares of Palomar by 89.9% in the first quarter. FMR LLC now owns 864 shares of the company's stock valued at $48,000 after buying an additional 409 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Palomar in the first quarter valued at approximately $55,000. Finally, Advisor Group Holdings Inc. increased its position in shares of Palomar by 34.1% in the first quarter. Advisor Group Holdings Inc. now owns 1,470 shares of the company's stock valued at $94,000 after buying an additional 374 shares in the last quarter. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.