Palomar (NASDAQ:PLMR) Stock Price Down 6.9% Following Insider Selling

Key Points

• Palomar Holdings, Inc. shares dropped 6.9% following insider selling, trading at a low of $116.30 before rebounding to $122.41.
• Chief operating officer Rodolphe Herve sold 1,130 shares at an average price of $130.10, reducing his ownership by 58.34%.
• Despite the decline, analysts remain optimistic with a consensus rating of "Moderate Buy" and an average price target of $174.17.

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) fell 6.9% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $116.30 and last traded at $122.41. 63,949 shares traded hands during trading, a decline of 77% from the average session volume of 274,034 shares. The stock had previously closed at $131.53.

Specifically, COO Rodolphe Herve sold 1,130 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $130.10, for a total value of $147,013.00. Following the completion of the sale, the chief operating officer directly owned 807 shares of the company's stock, valued at $104,990.70. This represents a 58.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PLMR. Keefe, Bruyette & Woods cut their price objective 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. Piper Sandler upped their price objective on shares of Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Wall Street Zen downgraded shares of Palomar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Truist Financial upped their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $115.00 to $150.00 in a report on Tuesday, April 8th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $174.17.

Palomar Stock Performance

The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 23.85 and a beta of 0.44. The business's 50 day moving average price is $150.60 and its 200 day moving average price is $139.62.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.68 by $0.08. The business had revenue of $496.29 million for the quarter, compared to analysts' expectations of $173.86 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. The business's revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. Sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palomar

A number of hedge funds and other institutional investors have recently made changes to their positions in PLMR. Wealth Enhancement Advisory Services LLC increased its stake in shares of Palomar by 3.8% in the 2nd 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 last quarter. KBC Group NV increased its stake in shares of Palomar by 9.1% in the 1st quarter. KBC Group NV now owns 1,140 shares of the company's stock worth $156,000 after acquiring an additional 95 shares during the last quarter. Hohimer Wealth Management LLC increased 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 worth $359,000 after acquiring an additional 99 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Palomar by 14.4% in the 2nd quarter. GAMMA Investing LLC now owns 833 shares of the company's stock worth $128,000 after acquiring an additional 105 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its stake in shares of Palomar by 1.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company's stock worth $1,212,000 after acquiring an additional 113 shares during the last quarter. Institutional investors and hedge funds 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.

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