Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) dropped 4.5% on Wednesday after an insider sold shares in the company. The company traded as low as $141.30 and last traded at $142.14. Approximately 126,768 shares were traded during trading, a decline of 41% from the average daily volume of 213,378 shares. The stock had previously closed at $148.79.
Specifically, insider Timothy Carter sold 473 shares of Palomar stock in a transaction on Saturday, June 28th. The shares were sold at an average price of $153.65, for a total transaction of $72,676.45. Following the sale, the insider owned 361 shares in the company, valued at $55,467.65. The trade was a 56.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Analysts Set New Price Targets
PLMR has been the topic of a number of recent research reports. Evercore ISI lifted their price target on shares of Palomar from $163.00 to $168.00 and gave the stock an "in-line" rating in a research note on Friday, May 30th. Truist Financial lifted their price target on shares of Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a research note on Tuesday, April 15th. Jefferies Financial Group lifted their price target 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. Piper Sandler lifted their price target on shares of Palomar from $171.00 to $177.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating on the stock in a research note on Monday, June 30th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $174.17.
Get Our Latest Research Report on PLMR
Palomar Stock Up 1.7%
The company has a market capitalization of $3.91 billion, a P/E ratio of 29.16 and a beta of 0.46. The stock has a fifty day simple moving average of $158.02 and a 200-day simple moving average of $134.69.
Palomar (NASDAQ:PLMR - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $161.97 million. Palomar had a return on equity of 20.56% and a net margin of 21.99%. During the same period last year, the business earned $1.09 earnings per share. Analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its holdings in shares of Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company's stock valued at $43,000 after buying an additional 349 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock valued at $43,000 after buying an additional 202 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Palomar in the first quarter valued at about $46,000. Jones Financial Companies Lllp raised its holdings in shares of Palomar by 63.2% in the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company's stock valued at $52,000 after buying an additional 191 shares during the last quarter. Finally, TCTC Holdings LLC raised its holdings in shares of Palomar by 116.5% in the first quarter. TCTC Holdings LLC now owns 381 shares of the company's stock valued at $52,000 after buying an additional 205 shares during the last quarter. 90.25% of the stock is owned by institutional investors.
About Palomar
(
Get Free Report)
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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