Palomar (NASDAQ:PLMR) Trading Down 4.5% - What's Next?

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) shares traded down 4.5% during trading on Wednesday . The stock traded as low as $141.30 and last traded at $142.14. 126,768 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 213,378 shares. The stock had previously closed at $148.79.

Analyst Ratings Changes

PLMR has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a report on Friday, May 30th. Piper Sandler raised their target price on Palomar from $171.00 to $177.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Truist Financial upped their price target on Palomar from $150.00 to $178.00 and gave the stock a "buy" rating in a report on Tuesday, April 15th. Jefferies Financial Group raised their price objective 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. Finally, Keefe, Bruyette & Woods cut their target price on shares of Palomar from $205.00 to $204.00 and set an "outperform" rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Palomar presently has a consensus rating of "Moderate Buy" and an average price target of $174.17.

Palomar Price Performance

The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 28.67 and a beta of 0.46. The stock's 50 day simple moving average is $158.35 and its two-hundred day simple moving average is $134.14.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.26. The business had revenue of $174.63 million for the quarter, compared to analyst estimates of $161.97 million. Palomar had a net margin of 21.99% and a return on equity of 20.56%. During the same period in the previous year, the business earned $1.09 EPS. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Insider Activity at Palomar

In other Palomar news, CFO T Christopher Uchida sold 1,000 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.24, for a total value of $150,240.00. Following the sale, the chief financial officer directly owned 8,172 shares in the company, valued at $1,227,761.28. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $161.96, for a total value of $809,800.00. Following the transaction, the chief executive officer owned 392,388 shares of the company's stock, valued at $63,551,160.48. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,702 shares of company stock valued at $3,347,574 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLMR. Smartleaf Asset Management LLC raised its stake 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 acquiring an additional 349 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Palomar by 185.3% in the first quarter. Nisa Investment Advisors LLC now owns 311 shares of the company's stock worth $43,000 after purchasing an additional 202 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Palomar during the first quarter worth $46,000. Jones Financial Companies Lllp increased its stake 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 in 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 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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