Insider Selling: Palomar (NASDAQ:PLMR) Insider Sells $59,659.20 in Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) insider Timothy Carter sold 480 shares of Palomar stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total value of $59,659.20. Following the completion of the transaction, the insider directly owned 1,670 shares of the company’s stock, valued at approximately $207,564.30. This represents a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Palomar Trading Up 4.7%

NASDAQ PLMR opened at $140.00 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 19.50 and a beta of 0.41. The firm has a 50 day simple moving average of $115.42 and a 200-day simple moving average of $122.73. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $148.53.

Palomar (NASDAQ:PLMR) last announced its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.14. The firm had revenue of $278.94 million for the quarter, compared to the consensus estimate of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.87 EPS. Equities research analysts anticipate that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently modified their holdings of PLMR. Janus Henderson Group PLC raised its position in shares of Palomar by 250.1% during the 4th quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock worth $107,237,000 after acquiring an additional 568,360 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Palomar by 290.2% in the second quarter. Alliancebernstein L.P. now owns 497,080 shares of the company’s stock valued at $76,675,000 after purchasing an additional 369,697 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Palomar by 72.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock valued at $105,809,000 after purchasing an additional 328,993 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in Palomar by 290.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 308,734 shares of the company’s stock valued at $41,605,000 after purchasing an additional 229,681 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in Palomar in the first quarter valued at approximately $23,317,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PLMR. Keefe, Bruyette & Woods reduced their price objective on Palomar from $186.00 to $159.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings raised Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Zacks Research downgraded Palomar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. JPMorgan Chase & Co. reduced their price target on Palomar from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Finally, Piper Sandler decreased their price objective on Palomar from $151.00 to $132.00 and set an “overweight” rating for the company in a research note on Monday, May 11th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Palomar has an average rating of “Moderate Buy” and an average price target of $147.75.

About Palomar

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.