Insider Selling: Palomar (NASDAQ:PLMR) Insider Sells $35,979.24 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Jonathan Knutzen sold 281 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total value of $35,979.24. Following the completion of the transaction, the insider directly owned 27,579 shares of the company’s stock, valued at approximately $3,531,215.16. The trade was a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Jonathan Knutzen also recently made the following trade(s):

• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $54,185.76.
• On Thursday, January 29th, Jonathan Knutzen sold 444 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $54,185.76.
• On Saturday, January 31st, Jonathan Knutzen sold 290 shares of Palomar stock. The stock was sold at an average price of $121.74, for a total transaction of $35,304.60.
• On Wednesday, January 28th, Jonathan Knutzen sold 1,535 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total transaction of $184,015.80.

Palomar Stock Down 2.3%

Shares of Palomar stock traded down $2.81 on Friday, reaching $120.61. The stock had a trading volume of 332,759 shares, compared to its average volume of 275,399. The stock has a market capitalization of $3.20 billion, a P/E ratio of 16.80 and a beta of 0.44. The company has a 50 day moving average price of $129.40 and a 200 day moving average price of $123.10. Palomar Holdings, Inc. has a 1 year low of $107.75 and a 1 year high of $175.85.

Palomar (NASDAQ:PLMR) last posted its earnings results on Wednesday, February 11th. The company reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The company had revenue of $492.63 million during the quarter, compared to analysts’ expectations of $204.58 million. During the same quarter in the prior year, the company posted $1.52 earnings per share. Palomar’s revenue for the quarter was up 62.7% compared to the same quarter last year. On average, analysts forecast that Palomar Holdings, Inc. will post 5.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods upped their target price on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. upped their price objective on shares of Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Finally, Evercore assumed coverage on shares of Palomar in a research report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $162.17.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently bought and sold shares of the business. Salomon & Ludwin LLC purchased a new stake in shares of Palomar during the 3rd quarter worth about $25,000. Richardson Financial Services Inc. increased its stake in shares of 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 purchasing an additional 147 shares in the last quarter. Allworth Financial LP boosted its position in Palomar by 1,970.0% during the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after purchasing an additional 197 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in Palomar during the fourth quarter worth approximately $32,000. Finally, Kestra Advisory Services LLC acquired a new stake in Palomar in the fourth quarter valued at approximately $33,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.