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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) were down 4.9% 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 Upgrades and Downgrades

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods cut 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. Truist Financial boosted their target price on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research report on Tuesday, April 15th. Jefferies Financial Group increased their target price on shares of Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. JPMorgan Chase & Co. raised shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Finally, Wall Street Zen lowered Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Palomar currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Stock Down 2.6%

The firm has a 50 day moving average of $157.71 and a 200 day moving average of $135.75. The firm has a market cap of $3.61 billion, a PE ratio of 26.95 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. The business 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 prior year, the business earned $1.09 earnings per share. On average, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insiders Place Their Bets

In other news, insider Timothy Carter sold 473 shares of the company's stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total value of $72,676.45. Following the transaction, the insider owned 361 shares of the company's stock, valued at approximately $55,467.65. This represents a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 500 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $158.69, for a total transaction of $79,345.00. Following the completion of the transaction, the chief financial officer directly owned 7,420 shares in the company, valued at approximately $1,177,479.80. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,175 shares of company stock worth $3,276,251 over the last 90 days. Corporate insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Palomar by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,371 shares of the company's stock worth $325,000 after purchasing an additional 190 shares during the period. Artemis Investment Management LLP increased its stake in Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after acquiring an additional 77,472 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Palomar by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company's stock valued at $6,854,000 after acquiring an additional 14,965 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Palomar in the first quarter valued at $274,000. Finally, GAMMA Investing LLC increased its stake in Palomar by 27,543.8% in the first quarter. GAMMA Investing LLC now owns 99,794 shares of the company's stock valued at $13,680,000 after acquiring an additional 99,433 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.