Palomar (NASDAQ:PLMR) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Palomar (NASDAQ:PLMR) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other brokerages also recently issued reports on PLMR. Weiss Ratings reiterated a “hold (c+)” rating on shares of Palomar in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their target price on Palomar from $164.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Evercore ISI decreased their target price on Palomar from $168.00 to $134.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.67.

Palomar Stock Performance

Shares of NASDAQ PLMR opened at $134.96 on Friday. The company has a market capitalization of $3.58 billion, a PE ratio of 21.05 and a beta of 0.50. The company’s fifty day moving average price is $121.25 and its 200 day moving average price is $128.63. Palomar has a 1 year low of $98.42 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Friday, December 16th. The company reported $0.07 earnings per share for the quarter. Palomar had a net margin of 22.59% and a return on equity of 21.93%. The business had revenue of $65.74 million during the quarter. On average, equities analysts expect that Palomar will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In related news, insider Jonathan Knutzen sold 281 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total transaction of $36,204.04. Following the completion of the sale, the insider owned 21,565 shares of the company’s stock, valued at approximately $2,778,434.60. This represents a 1.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO T Christopher Uchida sold 782 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the sale, the chief financial officer owned 7,916 shares of the company’s stock, valued at approximately $1,019,897.44. The trade was a 8.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,803 shares of company stock valued at $2,348,771 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently made changes to their positions in the stock. Allworth Financial LP raised its position in Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock valued at $32,000 after purchasing an additional 197 shares during the period. Salomon & Ludwin LLC purchased a new stake in Palomar in the 3rd quarter valued at about $25,000. Richardson Financial Services Inc. raised its holdings in Palomar by 210.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 217 shares of the company’s stock valued at $25,000 after buying an additional 147 shares during the period. Maseco LLP acquired a new position in Palomar in the second quarter valued at about $45,000. Finally, Hollencrest Capital Management boosted its stake in Palomar by 56.5% during the second quarter. Hollencrest Capital Management now owns 313 shares of the company’s stock worth $48,000 after buying an additional 113 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.