Palomar (NASDAQ:PLMR) Stock Gets Downgrade from Zacks Research

Palomar (NASDAQ:PLMR) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other analysts have also commented on PLMR. Piper Sandler raised their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $152.00 target price on Palomar in a report on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Weiss Ratings raised Palomar from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, October 16th. Finally, JPMorgan Chase & Co. decreased their target price on Palomar from $167.00 to $156.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Palomar presently has a consensus rating of “Moderate Buy” and an average price target of $160.00.

Palomar Stock Performance

Shares of PLMR stock opened at $140.32 on Thursday. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 17.08 and a beta of 0.35. The stock has a fifty day moving average of $133.26 and a 200 day moving average of $126.41. Palomar has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million for the quarter, compared to the consensus estimate of $621.52 million. During the same period in the previous year, the firm earned $1.76 EPS. As a group, research analysts expect that Palomar will post 9.27 earnings per share for the current year.

Insider Buying and Selling at Palomar

In related news, CFO T. Christopher Uchida sold 791 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total value of $101,042.34. Following the completion of the transaction, the chief financial officer directly owned 16,238 shares in the company, valued at $2,074,242.12. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal 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. Also, President Jon Christianson sold 528 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $127.75, for a total transaction of $67,452.00. Following the completion of the transaction, the president owned 66,970 shares of the company’s stock, valued at approximately $8,555,417.50. The trade was a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 12,115 shares of company stock valued at $1,619,923 over the last 90 days. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palomar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vise Technologies Inc. lifted its holdings in shares of Palomar by 12.4% during the third quarter. Vise Technologies Inc. now owns 3,053 shares of the company’s stock valued at $376,000 after purchasing an additional 337 shares during the last quarter. Moody Aldrich Partners LLC purchased a new stake in shares of Palomar in the 3rd quarter worth approximately $6,596,000. Park Avenue Securities LLC grew its stake in shares of Palomar by 31.8% in the 3rd quarter. Park Avenue Securities LLC now owns 3,897 shares of the company’s stock worth $480,000 after buying an additional 940 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Palomar in the 3rd quarter worth approximately $210,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Palomar in the 3rd quarter worth approximately $282,000. Institutional investors own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products in markets that may be underserved by traditional insurers. The company focuses on risks that are complex, difficult to place or exposed to natural catastrophes, using specialized underwriting and risk-management capabilities.

Its offerings include residential and commercial earthquake insurance, inland marine coverage, specialty property insurance, casualty products, workers’ compensation and other tailored insurance solutions.