Palomar (NASDAQ:PLMR) Rating Lowered to Hold at Zacks Investment Research

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Palomar (NASDAQ:PLMR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Palomar Holdings Inc. is a property insurance company. It is focused on providing specialty property insurance products for individuals and businesses. The company’s primary business includes Residential Earthquake, Commercial Earthquake, Specialty Homeowners, Commercial All Risk, Hawaii Hurricane, Residential Flood and REI. Palomar Holdings Inc. is based in La Jolla, United States. “

Other equities analysts have also issued research reports about the stock. JMP Securities assumed coverage on shares of Palomar in a research report on Wednesday. They set an “outperform” rating and a $50.00 price target for the company. SunTrust Banks increased their target price on shares of Palomar to $44.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Keefe, Bruyette & Woods increased their target price on shares of Palomar from $28.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Evercore ISI reiterated a “buy” rating on shares of Palomar in a research report on Monday, August 12th. Finally, Barclays increased their target price on shares of Palomar from $30.00 to $36.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $41.00.

Shares of Palomar stock traded up $1.14 during trading on Wednesday, hitting $43.30. 7,042 shares of the stock were exchanged, compared to its average volume of 376,169. The company has a fifty day moving average of $36.71. Palomar has a 12 month low of $18.06 and a 12 month high of $42.58.

Palomar (NASDAQ:PLMR) last released its quarterly earnings results on Monday, August 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.30 by $0.06. The firm had revenue of $25.41 million for the quarter, compared to the consensus estimate of $24.25 million. As a group, research analysts expect that Palomar will post 1.74 earnings per share for the current year.

In other Palomar news, major shareholder Vi Gp Aiv Ltd. Genstar sold 5,153,500 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $35.04, for a total value of $180,578,640.00. Also, President Heath A. Fisher sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $36.50, for a total transaction of $1,277,500.00. Insiders sold a total of 6,037,500 shares of company stock valued at $211,694,890 in the last quarter.

A number of hedge funds and other institutional investors have recently modified their holdings of PLMR. Strs Ohio acquired a new stake in Palomar in the 2nd quarter valued at about $36,000. JPMorgan Chase & Co. acquired a new stake in Palomar in the 2nd quarter valued at about $39,000. Quantitative Systematic Strategies LLC acquired a new stake in Palomar in the 2nd quarter valued at about $201,000. LPL Financial LLC acquired a new stake in Palomar in the 2nd quarter valued at about $203,000. Finally, Citadel Advisors LLC acquired a new stake in Palomar in the 2nd quarter valued at about $220,000. 26.07% of the stock is owned by institutional investors.

About Palomar

There is no company description available for Palomar Holdings Inc

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