Palomar (NASDAQ:PLMR) Stock Price Down 4.9% - Here's What Happened

Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) shares fell 4.9% on Friday . The stock traded as low as $149.54 and last traded at $145.64. 11,299 shares traded hands during trading, a decline of 94% from the average session volume of 186,541 shares. The stock had previously closed at $153.15.

Analysts Set New Price Targets

PLMR has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Palomar from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $115.00 to $150.00 in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their target price on shares of Palomar from $155.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. JMP Securities reaffirmed a "market perform" rating on shares of Palomar in a research note on Thursday, February 13th. Truist Financial upped their price objective on shares of Palomar from $150.00 to $178.00 and gave the company a "buy" rating in a research note on Tuesday, April 15th. Finally, Jefferies Financial Group boosted their price target on Palomar from $145.00 to $168.00 and gave the company a "buy" rating in a report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Palomar presently has an average rating of "Moderate Buy" and an average target price of $148.33.

Palomar Price Performance

The company has a 50-day moving average of $134.74 and a two-hundred day moving average of $114.86. The company has a market capitalization of $3.81 billion, a PE ratio of 31.88 and a beta of 0.46.

Palomar (NASDAQ:PLMR - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.13. Palomar had a net margin of 21.23% and a return on equity of 19.76%. As a group, research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current year.

Insider Buying and Selling at Palomar

In other news, CEO Mac Armstrong sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $145.41, for a total value of $727,050.00. Following the completion of the sale, the chief executive officer now directly owns 397,388 shares of the company's stock, valued at $57,784,189.08. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Angela L. Grant sold 717 shares of the business's stock in a transaction on Sunday, January 26th. The shares were sold at an average price of $101.70, for a total transaction of $72,918.90. Following the transaction, the insider now owns 2,951 shares in the company, valued at $300,116.70. This trade represents a 19.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,615 shares of company stock worth $3,633,369. Insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Palomar

Several hedge funds have recently added to or reduced their stakes in PLMR. KBC Group NV grew its stake in shares of Palomar by 9.1% during the first quarter. KBC Group NV now owns 1,140 shares of the company's stock valued at $156,000 after buying an additional 95 shares during the last quarter. Lisanti Capital Growth LLC bought a new stake in Palomar during the first quarter valued at about $7,933,000. Artemis Investment Management LLP grew its stake in Palomar by 17.0% in the first quarter. Artemis Investment Management LLP now owns 532,554 shares of the company's stock valued at $73,003,000 after purchasing an additional 77,472 shares during the last quarter. Bessemer Group Inc. raised its holdings in Palomar by 714.5% in the first quarter. Bessemer Group Inc. now owns 106,417 shares of the company's stock worth $14,587,000 after purchasing an additional 93,352 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of Palomar during the first quarter valued at about $916,000. 90.25% of the stock is currently owned by institutional investors.

About Palomar

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.