Palomar (NASDAQ:PLMR) Trading Down 4.9% - Should You Sell?

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) were down 4.9% during trading on Thursday . The stock 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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PLMR shares. Keefe, Bruyette & Woods reduced their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research report on Monday, June 30th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Jefferies Financial Group lifted their price target on shares of Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Truist Financial lifted their price target 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. Finally, Piper Sandler lifted their price target on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $174.17.

Palomar Stock Down 2.6%

The company has a market cap of $3.61 billion, a PE ratio of 26.95 and a beta of 0.46. The business has a 50-day simple moving average of $157.37 and a 200-day simple moving average of $136.39.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The company had revenue of $174.63 million for the quarter, compared to analyst estimates 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 earned $1.09 earnings per share. As a group, equities research analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Insider Transactions at Palomar

In other news, insider Timothy Carter sold 473 shares of the company's stock in a transaction on Saturday, June 28th. The stock was sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, 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 legal filing with the Securities & Exchange Commission, 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 value of $79,345.00. Following the sale, the chief financial officer directly owned 7,420 shares in the company, valued at $1,177,479.80. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,175 shares of company stock valued at $3,276,251. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Palomar

A number of large investors have recently modified their holdings of PLMR. Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% during the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after acquiring an additional 202 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Palomar during the first quarter worth $46,000. Jones Financial Companies Lllp grew its stake in shares of Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after purchasing an additional 191 shares in the last quarter. TCTC Holdings LLC grew its stake in shares of Palomar by 116.5% during the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock worth $52,000 after purchasing an additional 205 shares in the last quarter. Finally, NBC Securities Inc. acquired a new position in shares of Palomar during the first quarter worth $53,000. Hedge funds and other 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.