Palomar (NASDAQ:PLMR) Receives Hold (C+) Rating from Weiss Ratings

Key Points

• Palomar Holdings received a "hold (C+)" rating from Weiss Ratings, indicating cautious sentiment toward the stock.
• Recent price targets from analysts have been lowered, with Keefe, Bruyette & Woods adjusting their price objective from $204.00 to $172.00, and JPMorgan dropping theirs from $170.00 to $158.00.
• Palomar reported a quarterly earnings per share of $1.76, exceeding analyst expectations, with a notable 47.6% increase in revenue year-over-year to $496.29 million.

Palomar (NASDAQ:PLMR - Get Free Report)'s stock had its "hold (c+)" rating reissued by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other research analysts also recently issued reports on PLMR. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Piper Sandler dropped their target price on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. dropped their target price on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Evercore ISI dropped their target price on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating on the stock in a research report on Wednesday, October 1st. Finally, Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Palomar currently has an average rating of "Moderate Buy" and an average target price of $160.17.

Palomar Stock Up 3.0%

Shares of Palomar stock opened at $118.94 on Wednesday. The firm's 50 day moving average price is $120.01 and its 200-day moving average price is $139.48. Palomar has a 52-week low of $85.00 and a 52-week high of $175.85. The company has a market cap of $3.19 billion, a P/E ratio of 20.90 and a beta of 0.30.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The firm had revenue of $496.29 million for the quarter, compared to the consensus estimate of $173.86 million. During the same quarter in the previous year, the firm earned $1.25 EPS. The company's quarterly revenue was up 47.6% compared to the same quarter last year. As a group, equities research analysts forecast that Palomar will post 5.99 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CFO T Christopher Uchida sold 500 shares of Palomar stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $121.59, for a total transaction of $60,795.00. Following the completion of the sale, the chief financial officer directly owned 7,168 shares in the company, valued at approximately $871,557.12. The trade was a 6.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $116.02, for a total transaction of $580,100.00. Following the sale, the chief executive officer owned 372,388 shares of the company's stock, valued at approximately $43,204,455.76. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,905 shares of company stock worth $2,839,676. Corporate insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. lifted its stake in Palomar by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 846,312 shares of the company's stock valued at $130,544,000 after acquiring an additional 17,188 shares during the period. Invesco Ltd. lifted its stake in shares of Palomar by 234.1% in the 2nd quarter. Invesco Ltd. now owns 798,361 shares of the company's stock valued at $123,147,000 after purchasing an additional 559,383 shares during the period. Geode Capital Management LLC lifted its stake in shares of Palomar by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 657,530 shares of the company's stock valued at $101,436,000 after purchasing an additional 13,802 shares during the period. Westfield Capital Management Co. LP lifted its stake in shares of Palomar by 4.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock valued at $84,797,000 after purchasing an additional 25,138 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in shares of Palomar by 3.1% in the 1st quarter. Driehaus Capital Management LLC now owns 559,156 shares of the company's stock valued at $76,649,000 after purchasing an additional 17,014 shares during the period. 90.25% of the stock is currently 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.

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