Piper Sandler Issues Pessimistic Forecast for Palomar (NASDAQ:PLMR) Stock Price

Palomar (NASDAQ:PLMR) had its target price dropped by equities researchers at Piper Sandler from $151.00 to $132.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 16.44% from the stock’s previous close.

PLMR has been the topic of several other research reports. Zacks Research upgraded shares of Palomar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $183.00 to $186.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 7th. Weiss Ratings cut shares of Palomar from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Palomar from $155.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Palomar has a consensus rating of “Buy” and a consensus target price of $157.00.

Palomar Stock Performance

Shares of PLMR stock opened at $113.36 on Monday. Palomar has a 12-month low of $107.75 and a 12-month high of $175.85. The company has a current ratio of 0.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $123.26 and its 200 day moving average is $124.67. The stock has a market capitalization of $3.01 billion, a P/E ratio of 15.79 and a beta of 0.49.

Palomar (NASDAQ:PLMR) last issued its earnings results on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million for the quarter, compared to analysts’ expectations of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The firm’s quarterly revenue was up 59.7% on a year-over-year basis. During the same quarter last year, the company posted $1.87 earnings per share. Research analysts expect that Palomar will post 8.97 earnings per share for the current year.

Insider Activity

In other news, CEO Mac Armstrong sold 3,500 shares of the firm’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $130.77, for a total transaction of $457,695.00. Following the sale, the chief executive officer directly owned 336,388 shares in the company, valued at $43,989,458.76. This trade represents a 1.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Knutzen sold 281 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $128.04, for a total transaction of $35,979.24. Following the sale, the insider owned 27,579 shares in the company, valued at $3,531,215.16. The trade was a 1.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,720 shares of company stock valued at $2,733,817 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently modified their holdings of PLMR. Richardson Financial Services Inc. increased 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 acquiring an additional 147 shares during the last quarter. Geneos Wealth Management Inc. purchased a new stake in Palomar in the 4th quarter worth $32,000. Kestra Advisory Services LLC purchased a new stake in Palomar in the 4th quarter worth $33,000. Rockefeller Capital Management L.P. lifted its stake in Palomar by 81.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares in the last quarter. Finally, Clearstead Advisors LLC lifted its stake in Palomar by 31.0% in the 3rd quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock worth $46,000 after purchasing an additional 94 shares in the last quarter. 90.25% of the stock is currently owned by 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.