Palomar (NASDAQ:PLMR) Trading Down 4.5% - Here's What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) fell 4.5% during trading on Monday . The company traded as low as $158.11 and last traded at $158.50. 52,325 shares were traded during trading, a decline of 74% from the average session volume of 203,994 shares. The stock had previously closed at $166.00.

Analyst Ratings Changes

A number of research firms have recently commented on PLMR. Piper Sandler raised their price target on Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Jefferies Financial Group raised their price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. JPMorgan Chase & Co. raised Palomar from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $115.00 to $150.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Wall Street Zen raised Palomar from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $164.33.

Palomar Stock Performance

The stock has a 50-day moving average of $154.85 and a 200-day moving average of $129.36. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 35.95 and a beta of 0.50.

Palomar (NASDAQ:PLMR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million during the quarter, compared to the consensus estimate of $161.97 million. Palomar had a return on equity of 19.76% and a net margin of 21.23%. During the same period last year, the company earned $1.09 earnings per share. Sell-side analysts predict that Palomar Holdings, Inc. 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 the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $159.77, for a total value of $79,885.00. Following the completion of the transaction, the chief financial officer now directly owns 7,920 shares in the company, valued at $1,265,378.40. This trade represents a 5.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mac Armstrong sold 3,202 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $153.04, for a total value of $490,034.08. Following the completion of the transaction, the chief executive officer now owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,202 shares of company stock worth $3,265,129 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PLMR. Blue Trust Inc. bought a new position in shares of Palomar during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its stake in shares of Palomar by 536.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock worth $43,000 after acquiring an additional 349 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Palomar by 185.3% during the 1st 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 bought a new position in shares of Palomar during the 1st quarter worth approximately $46,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock worth $52,000 after acquiring an additional 191 shares during the period. 90.25% of the stock is currently owned by institutional investors.

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.