Palomar (NASDAQ:PLMR) Trading Down 4.5% - Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods cut 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. Truist Financial raised their target price on Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. JMP Securities restated a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Jefferies Financial Group increased their price target on Palomar from $145.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Finally, JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $115.00 to $150.00 in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $164.33.

Palomar Price Performance

The company has a market cap of $4.32 billion, a PE ratio of 36.11 and a beta of 0.50. The stock has a fifty day moving average price of $153.67 and a 200-day moving average price of $128.59.

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

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the chief financial officer now directly owns 10,172 shares of the company's stock, valued at approximately $1,413,908. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mac Armstrong sold 3,202 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $153.04, for a total value of $490,034.08. Following the transaction, the chief executive officer now owns 70,186 shares of the company's stock, valued at approximately $10,741,265.44. This trade represents a 4.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,202 shares of company stock worth $3,265,129. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Palomar by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 2,574,923 shares of the company's stock valued at $271,886,000 after acquiring an additional 53,123 shares during the last quarter. American Century Companies Inc. grew its stake in Palomar by 5.6% in the first quarter. American Century Companies Inc. now owns 829,124 shares of the company's stock valued at $113,656,000 after purchasing an additional 43,705 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Palomar by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 618,840 shares of the company's stock worth $65,358,000 after purchasing an additional 18,748 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Palomar by 4.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 618,598 shares of the company's stock worth $84,797,000 after purchasing an additional 25,138 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Palomar by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 561,740 shares of the company's stock valued at $59,313,000 after buying an additional 17,320 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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