Palomar (NASDAQ:PLMR) Stock Price Down 4.9% - Here's What Happened

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) dropped 4.9% during trading on Thursday . The company traded as low as $138.02 and last traded at $137.42. Approximately 42,336 shares changed hands during trading, a decline of 81% from the average daily volume of 217,944 shares. The stock had previously closed at $144.45.

Analyst Ratings Changes

PLMR has been the topic of a number of research reports. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $115.00 to $150.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a report on Monday, June 30th. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Jefferies Financial Group boosted their target price on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Finally, Piper Sandler upped their price target 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. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $174.17.

Palomar Trading Down 4.0%

The company has a market cap of $3.71 billion, a P/E ratio of 27.66 and a beta of 0.46. The stock's 50 day moving average is $157.71 and its 200-day moving average is $135.75.

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

Insider Buying and Selling at Palomar

In other Palomar news, insider Timothy Carter sold 473 shares of the company's stock in a transaction dated Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the transaction, the insider owned 361 shares in the company, valued at approximately $55,467.65. This represents a 56.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO T Christopher Uchida sold 1,000 shares of Palomar stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total value of $150,240.00. Following the completion of the sale, the chief financial officer directly owned 8,172 shares of the company's stock, valued at $1,227,761.28. The trade was a 10.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,175 shares of company stock worth $3,276,251. Company insiders own 3.70% of the company's stock.

Institutional Trading of Palomar

Several large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Palomar by 3.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 2,461 shares of the company's stock worth $363,000 after acquiring an additional 90 shares during the period. KBC Group NV increased its position in shares of Palomar by 9.1% during 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 during the last quarter. Farther Finance Advisors LLC increased its position in shares of Palomar by 21.8% during the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company's stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Hohimer Wealth Management LLC increased its position in shares of Palomar by 3.9% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,617 shares of the company's stock valued at $359,000 after purchasing an additional 99 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its position in shares of Palomar by 5.8% during the 1st quarter. Evergreen Capital Management LLC now owns 2,225 shares of the company's stock valued at $305,000 after purchasing an additional 122 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

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.