Palomar (NASDAQ:PLMR) Rating Lowered to "Hold" at Wall Street Zen

Palomar (NASDAQ:PLMR - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a report on Monday, June 30th. Piper Sandler raised their price objective on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Truist Financial upped their target price on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. upgraded Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Finally, Evercore ISI boosted their price objective on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Palomar presently has a consensus rating of "Moderate Buy" and an average target price of $174.17.

Palomar Stock Down 1.6%

NASDAQ PLMR traded down $2.30 during trading hours on Friday, hitting $145.32. 226,984 shares of the company were exchanged, compared to its average volume of 216,405. The stock has a market cap of $3.89 billion, a PE ratio of 29.01 and a beta of 0.46. Palomar has a 52 week low of $79.82 and a 52 week high of $175.85. The stock has a 50-day moving average price of $158.02 and a 200 day moving average price of $135.11.

Palomar (NASDAQ:PLMR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to the consensus estimate of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same quarter in the previous year, the company posted $1.09 EPS. As a group, sell-side analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insiders Place Their Bets

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total transaction of $150,240.00. Following the transaction, the chief financial officer directly owned 8,172 shares in the company, valued at $1,227,761.28. This trade represents a 10.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Timothy Carter sold 473 shares of Palomar stock in a transaction dated Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the completion of the sale, the insider owned 361 shares of the company's stock, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,175 shares of company stock worth $3,420,251 in the last three months. Corporate insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Palomar

Large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its holdings in Palomar by 536.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the period. Nisa Investment Advisors LLC boosted its position in Palomar by 185.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after acquiring an additional 202 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Palomar in the 1st quarter valued at $46,000. Jones Financial Companies Lllp increased its holdings in shares of Palomar by 63.2% in the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after acquiring an additional 191 shares during the period. Finally, TCTC Holdings LLC raised its position in shares of Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after acquiring an additional 205 shares in the last quarter. Institutional investors own 90.25% of the company's stock.

About Palomar

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.