Palomar (NASDAQ:PLMR) President Sells 6,863 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 6,863 shares of Palomar stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $139.50, for a total value of $957,388.50. Following the transaction, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. The trade was a 9.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Christianson also recently made the following trade(s):

• On Wednesday, April 15th, Jon Christianson sold 1,937 shares of Palomar stock. The stock was sold at an average price of $128.62, for a total value of $249,136.94.
• On Tuesday, April 7th, Jon Christianson sold 3,000 shares of Palomar stock. The shares were sold at an average price of $125.00, for a total value of $375,000.00.

Palomar Trading Up 1.5%

Shares of PLMR stock traded up $2.13 on Monday, reaching $142.13. 397,877 shares of the stock were exchanged, compared to its average volume of 266,905. The stock has a market cap of $3.77 billion, a PE ratio of 19.80 and a beta of 0.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.49 and a quick ratio of 0.49. Palomar Holdings, Inc. has a one year low of $100.81 and a one year high of $148.53. The stock has a 50 day moving average price of $115.64 and a 200 day moving average price of $122.84.

Palomar (NASDAQ:PLMR) last released its earnings results on Wednesday, May 6th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.14. The firm had revenue of $278.94 million during the quarter, compared to analyst estimates of $557.79 million. Palomar had a net margin of 20.11% and a return on equity of 22.62%. The business’s quarterly revenue was up 59.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.87 EPS. Equities research analysts forecast that Palomar Holdings, Inc. will post 8.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Palomar

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its stake in shares of Palomar by 250.1% in the fourth quarter. Janus Henderson Group PLC now owns 795,625 shares of the company’s stock valued at $107,237,000 after buying an additional 568,360 shares during the period. Alliancebernstein L.P. increased its stake 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 acquiring an additional 369,697 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Palomar by 72.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 785,165 shares of the company’s stock worth $105,809,000 after purchasing an additional 328,993 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Palomar by 290.5% in the 4th 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 in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Palomar in the 1st quarter valued at $23,317,000. Institutional investors and hedge funds own 90.25% of the company’s stock.

Analysts Set New Price Targets

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