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

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

Several other research firms also recently commented on PLMR. Truist Financial upped their target price on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Evercore ISI upped their target price on Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods decreased their target price on Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research report on Monday, June 30th. Jefferies Financial Group upped their target price on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Piper Sandler upped their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research 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 stock. Based on data from MarketBeat.com, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Price Performance

NASDAQ PLMR traded down $1.78 during trading on Friday, reaching $145.85. 74,790 shares of the company's stock were exchanged, compared to its average volume of 215,815. The business has a 50 day moving average price of $158.02 and a 200-day moving average price of $135.11. The stock has a market capitalization of $3.90 billion, a P/E ratio of 29.17 and a beta of 0.46. Palomar has a fifty-two week low of $79.82 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates 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 business earned $1.09 earnings per share. On average, analysts forecast that Palomar will post 5.99 earnings per share for the current year.

Insider Buying and Selling

In other Palomar news, insider Timothy Carter sold 473 shares of the firm's stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total value of $72,676.45. Following the sale, the insider owned 361 shares of the company's stock, valued at approximately $55,467.65. This trade represents a 56.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $158.14, for a total value of $790,700.00. Following the completion of the sale, the chief executive officer directly owned 387,388 shares in the company, valued at approximately $61,261,538.32. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,175 shares of company stock valued at $3,420,251 over the last 90 days. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palomar

A number of large investors have recently modified their holdings of the business. KBC Group NV boosted its holdings in shares of Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after purchasing an additional 95 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after acquiring an additional 99 shares during the last quarter. Hohimer Wealth Management LLC lifted its stake in shares of Palomar by 3.9% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after acquiring an additional 99 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in shares of Palomar by 5.8% in the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock valued at $305,000 after acquiring an additional 122 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Palomar by 2.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company's stock valued at $616,000 after acquiring an additional 145 shares during the last quarter. Institutional investors and hedge funds 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.