Key Points
- Palomar insider Timothy Carter sold 480 shares on June 28 at an average price of $124.29, totaling about $59,659. The filing says the sale was to cover tax withholding tied to vested equity awards.
- After the transaction, Carter still owned 1,670 shares valued at about $207,564, which marked a 22.33% reduction in his position.
- Palomar recently reported better-than-expected quarterly EPS of $2.31 versus the $2.17 consensus, and Wall Street currently has a Moderate Buy consensus with an average target price of $147.75.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) insider Timothy Carter sold 480 shares of the company's stock in a transaction that occurred on Sunday, June 28th. The stock was sold at an average price of $124.29, for a total transaction of $59,659.20. Following the transaction, the insider directly owned 1,670 shares of the company's stock, valued at $207,564.30. This trade represents a 22.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Palomar Stock Up 0.0%
Shares of PLMR opened at $126.39 on Wednesday. The firm has a market cap of $3.35 billion, a PE ratio of 17.60 and a beta of 0.44. The company's fifty day moving average is $115.23 and its two-hundred day moving average is $122.56. Palomar Holdings, Inc. has a fifty-two week low of $100.81 and a fifty-two week high of $156.55. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.31.
Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.14. The company had revenue of $278.94 million during 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 business's quarterly revenue was up 59.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.87 EPS. Analysts forecast that Palomar Holdings, Inc. will post 8.93 earnings per share for the current year.
Institutional Trading of Palomar
A number of institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC lifted its holdings in Palomar by 652.7% in the fourth quarter. HighTower Advisors LLC now owns 17,613 shares of the company's stock worth $2,374,000 after purchasing an additional 15,273 shares during the period. JPMorgan Chase & Co. grew its position in Palomar by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 88,841 shares of the company's stock valued at $10,372,000 after buying an additional 9,831 shares in the last quarter. Moran Wealth Management LLC acquired a new position in Palomar during the 4th quarter valued at about $2,473,000. Danske Bank A S increased its stake in Palomar by 69.9% during the 4th quarter. Danske Bank A S now owns 138,295 shares of the company's stock valued at $18,637,000 after buying an additional 56,898 shares during the period. Finally, Elo Mutual Pension Insurance Co bought a new stake in shares of Palomar during the 3rd quarter worth about $1,392,000. 90.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the company. Piper Sandler lowered their price target on Palomar from $151.00 to $132.00 and set an "overweight" rating for the company in a research report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on Palomar from $160.00 to $150.00 and set an "overweight" rating on the stock in a report on Tuesday, May 26th. Keefe, Bruyette & Woods reduced their price objective on Palomar from $186.00 to $159.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Zacks Research cut Palomar from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. Finally, Weiss Ratings raised shares of Palomar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $147.75.
Check Out Our Latest Research Report on PLMR
About Palomar
(
Get Free Report)
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.
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