Weiss Ratings Reaffirms Hold (C+) Rating for Palomar (NASDAQ:PLMR)

Key Points

• Weiss Ratings has reaffirmed a "hold (C+)" rating for Palomar Holdings, indicating a cautious outlook for the company's stock performance.
• Piper Sandler and Evercore ISI recently lowered their price targets for Palomar shares, from $177.00 to $151.00 and from $168.00 to $134.00, respectively, reflecting a shift in market sentiment.
• The company's stock has a current consensus rating of "Moderate Buy" with a price target average of $156.67, while Palomar's market cap stands at $3.03 billion.

Palomar (NASDAQ:PLMR - Get Free Report)'s stock had its "hold (c+)" rating reiterated by analysts at Weiss Ratings in a note issued to investors on Saturday,Weiss Ratings reports.

Several other equities research analysts have also recently weighed in on PLMR. Piper Sandler cut their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Evercore ISI cut their price objective on shares of Palomar from $168.00 to $134.00 and set an "in-line" rating for the company in a research report on Wednesday, October 1st. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods cut their price objective on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Palomar from $158.00 to $137.00 and set an "overweight" rating for the company in a report on Thursday, October 9th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $156.67.

Palomar Price Performance

Shares of PLMR opened at $113.25 on Friday. The firm has a market capitalization of $3.03 billion, a PE ratio of 19.90 and a beta of 0.30. The company's 50-day moving average is $118.34 and its 200-day moving average is $137.86. Palomar has a fifty-two week low of $85.00 and a fifty-two week high of $175.85.

Palomar (NASDAQ:PLMR - Get Free Report) last released its quarterly earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $65.74 million for the quarter. Analysts predict that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, insider Jonathan Knutzen sold 281 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $33,756.53. Following the completion of the sale, the insider owned 21,210 shares of the company's stock, valued at approximately $2,547,957.30. This represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Jon Christianson sold 521 shares of Palomar stock in a transaction on Monday, August 18th. The shares were sold at an average price of $120.13, for a total transaction of $62,587.73. Following the completion of the sale, the president owned 59,036 shares of the company's stock, valued at $7,091,994.68. This represents a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,432 shares of company stock worth $2,561,154. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Palomar

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in Palomar by 1,970.0% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the company's stock worth $32,000 after acquiring an additional 197 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Palomar during the third quarter valued at about $25,000. Maseco LLP bought a new stake in shares of Palomar during the second quarter valued at about $45,000. Nisa Investment Advisors LLC increased its position in shares of Palomar by 185.3% during 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 period. Finally, Hollencrest Capital Management increased its position in shares of Palomar by 56.5% during the second quarter. Hollencrest Capital Management now owns 313 shares of the company's stock valued at $48,000 after buying an additional 113 shares during the period. 90.25% of the stock is owned by hedge funds and other 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.

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