Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Palomar Holdings has a consensus analyst rating of “Moderate Buy”, with four buy ratings and two hold ratings across six analysts. The average 12-month price target is $150.25.
• The stock was down 1.0% in Friday trading, opening at $113.87, well below its 52-week high of $175.85. It currently has a market value of about $3.02 billion.
• In its latest quarterly results, Palomar posted EPS of $2.31, beating estimates, while revenue grew 59.7% year over year. Despite the earnings beat, revenue came in below analyst expectations.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the six analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $150.25.

PLMR has been the subject of a number of research analyst reports. Evercore initiated coverage on Palomar in a research note on Monday, February 9th. They issued an "outperform" rating and a $150.00 price target for the company. Zacks Research cut Palomar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods decreased their price target on Palomar from $186.00 to $159.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Wall Street Zen cut Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Finally, Weiss Ratings cut Palomar from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 7th.

Palomar Trading Down 1.0%

Shares of NASDAQ PLMR opened at $113.87 on Friday. 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 stock has a market capitalization of $3.02 billion, a P/E ratio of 15.86 and a beta of 0.49. Palomar has a 1-year low of $107.51 and a 1-year high of $175.85. The business has a fifty day moving average price of $120.66 and a 200 day moving average price of $124.48.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.17 by $0.14. The firm had revenue of $278.94 million during the quarter, compared to analysts' expectations of $557.79 million. Palomar had a return on equity of 22.62% and a net margin of 20.11%.The firm's quarterly revenue was up 59.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.87 EPS. Equities research analysts expect that Palomar will post 9.02 EPS for the current fiscal year.

Insider Transactions at Palomar

In other Palomar news, President Jon Christianson sold 1,937 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $128.62, for a total value of $249,136.94. Following the completion of the sale, the president directly owned 65,919 shares in the company, valued at approximately $8,478,501.78. This trade represents a 2.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mac Armstrong sold 3,500 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $114.39, for a total value of $400,365.00. Following the completion of the sale, the chief executive officer owned 332,888 shares of the company's stock, valued at approximately $38,079,058.32. This trade represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 18,634 shares of company stock valued at $2,318,111. 3.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLMR. Janus Henderson Group PLC increased its holdings in shares of Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company's stock valued at $107,237,000 after purchasing an additional 568,360 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company's stock valued at $76,675,000 after purchasing an additional 369,697 shares during the period. Westfield Capital Management Co. LP increased its holdings in shares of Palomar by 81.0% in the third quarter. Westfield Capital Management Co. LP now owns 738,528 shares of the company's stock valued at $86,223,000 after purchasing an additional 330,592 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company's stock valued at $105,809,000 after purchasing an additional 328,993 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Palomar by 290.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company's stock valued at $41,605,000 after purchasing an additional 229,681 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

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.

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