Palomar (NASDAQ:PLMR) Shares Down 4.5% – Here’s Why

Palomar Holdings, Inc. (NASDAQ:PLMR) was down 4.5% during trading on Monday . The stock traded as low as $158.11 and last traded at $158.50. Approximately 52,325 shares were traded during trading, a decline of 74% from the average daily volume of 203,994 shares. The stock had previously closed at $166.00.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JMP Securities reissued a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods reduced their price objective on Palomar from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Wall Street Zen raised shares of Palomar from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. 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 report on Tuesday, April 8th. Finally, Jefferies Financial Group lifted their price target on Palomar from $145.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Palomar has an average rating of “Moderate Buy” and a consensus target price of $164.33.

Palomar Trading Up 0.2%

The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 35.14 and a beta of 0.50. The stock’s 50 day moving average is $154.36 and its 200 day moving average is $129.16.

Palomar (NASDAQ:PLMR) last issued its earnings results on Monday, May 5th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.26. The firm had revenue of $174.63 million for the quarter, compared to analysts’ expectations of $161.97 million. Palomar had a net margin of 21.23% and a return on equity of 19.76%. During the same quarter last year, the company posted $1.09 earnings per share. On average, sell-side analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Activity at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $129.72, for a total transaction of $648,600.00. Following the sale, the chief executive officer now directly owns 402,388 shares in the company, valued at approximately $52,197,771.36. This trade represents a 1.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO T Christopher Uchida sold 1,000 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $139.00, for a total transaction of $139,000.00. Following the sale, the chief financial officer now directly owns 10,172 shares in the company, valued at $1,413,908. This trade represents a 8.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,202 shares of company stock valued at $3,265,129 in the last ninety days. Insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

A number of institutional investors and hedge funds have recently bought and sold shares of PLMR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Palomar by 30.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,907 shares of the company’s stock valued at $6,854,000 after acquiring an additional 14,965 shares during the period. Principal Financial Group Inc. increased its stake in Palomar by 5.6% in the 4th quarter. Principal Financial Group Inc. now owns 147,540 shares of the company’s stock valued at $15,579,000 after buying an additional 7,875 shares during the last quarter. Atlas Capital Advisors Inc. boosted its position in Palomar by 175.5% in the fourth quarter. Atlas Capital Advisors Inc. now owns 141,284 shares of the company’s stock worth $14,918,000 after purchasing an additional 90,000 shares during the last quarter. Avantax Advisory Services Inc. raised its position in Palomar by 2.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,837 shares of the company’s stock worth $616,000 after acquiring an additional 145 shares during the period. Finally, Jump Financial LLC lifted its position in shares of Palomar by 146.1% during the 4th quarter. Jump Financial LLC now owns 6,885 shares of the company’s stock valued at $727,000 after buying an additional 4,087 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Palomar Company Profile

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.