Palomar (NASDAQ:PLMR) Coverage Initiated by Analysts at Evercore ISI

Equities research analysts at Evercore ISI started coverage on shares of Palomar (NASDAQ:PLMR) in a report issued on Monday. The brokerage set an “outperform” rating and a $150.00 price target on the stock. Evercore ISI’s target price would suggest a potential upside of 17.54% from the stock’s current price.

PLMR has been the subject of a number of other reports. JPMorgan Chase & Co. upped their target price on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Wall Street Zen cut Palomar from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Palomar currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.14.

Palomar Stock Performance

NASDAQ:PLMR opened at $127.62 on Monday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 19.91 and a beta of 0.44. Palomar has a 1 year low of $107.75 and a 1 year high of $175.85. The business has a fifty day moving average of $127.78 and a 200-day moving average of $123.20.

Palomar (NASDAQ:PLMR) last posted its quarterly earnings data on Thursday, November 6th. The company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.45. The business had revenue of $244.66 million during the quarter, compared to the consensus estimate of $207.98 million. Palomar had a net margin of 22.59% and a return on equity of 21.93%. During the same quarter in the prior year, the company posted $1.23 earnings per share. On average, equities research analysts predict that Palomar will post 5.99 EPS for the current year.

Insider Activity

In other Palomar news, President Jon Christianson sold 515 shares of Palomar stock in a transaction dated Saturday, January 31st. The stock was sold at an average price of $121.75, for a total transaction of $62,701.25. Following the transaction, the president owned 65,421 shares of the company’s stock, valued at $7,965,006.75. The trade was a 0.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Angela L. Grant sold 260 shares of the firm’s stock in a transaction that occurred on Saturday, January 31st. The stock was sold at an average price of $121.75, for a total transaction of $31,655.00. Following the sale, the insider owned 7,033 shares of the company’s stock, valued at approximately $856,267.75. This represents a 3.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 58,998 shares of company stock worth $7,255,669. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Palomar by 3.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,546 shares of the company’s stock valued at $333,000 after purchasing an additional 82 shares during the last quarter. Clearstead Advisors LLC increased its stake in Palomar by 31.0% in the third quarter. Clearstead Advisors LLC now owns 397 shares of the company’s stock valued at $46,000 after purchasing an additional 94 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Palomar by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,207 shares of the company’s stock worth $3,734,000 after acquiring an additional 97 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Palomar by 1.7% during the second quarter. Bank of Montreal Can now owns 5,766 shares of the company’s stock worth $889,000 after acquiring an additional 98 shares during the period. Finally, Maryland State Retirement & Pension System lifted its stake in Palomar by 1.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 7,859 shares of the company’s stock valued at $1,212,000 after acquiring an additional 113 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

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.