Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $92.83.

PLMR has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price target on Palomar from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. JPMorgan Chase & Co. downgraded shares of Palomar from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $79.00 to $85.00 in a research report on Monday, April 8th. Piper Sandler restated an “overweight” rating and issued a $99.00 price target (up previously from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Monday, April 15th. Finally, Jefferies Financial Group raised shares of Palomar from a “hold” rating to a “buy” rating and boosted their target price for the company from $78.00 to $88.00 in a research note on Thursday, March 14th.

Palomar Trading Down 3.9 %

NASDAQ:PLMR opened at $78.16 on Friday. The company has a 50-day moving average of $82.14 and a 200-day moving average of $72.85. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 22.46 and a beta of 0.32. Palomar has a twelve month low of $48.08 and a twelve month high of $89.22.

Palomar (NASDAQ:PLMR) last issued its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.28. The firm had revenue of $108.39 million during the quarter, compared to analysts’ expectations of $322.10 million. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The firm’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same period last year, the firm posted $0.80 earnings per share. On average, research analysts forecast that Palomar will post 4.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO T Christopher Uchida sold 1,250 shares of Palomar stock in a transaction on Monday, May 20th. The stock was sold at an average price of $89.00, for a total transaction of $111,250.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares of the company’s stock, valued at $2,144,366. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO T Christopher Uchida sold 1,250 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $89.00, for a total value of $111,250.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares of the company’s stock, valued at approximately $2,144,366. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.84, for a total transaction of $579,880.00. Following the transaction, the chief executive officer now directly owns 461,388 shares in the company, valued at approximately $38,221,381.92. The disclosure for this sale can be found here. Insiders sold a total of 19,250 shares of company stock worth $1,563,430 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palomar

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Palomar by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,862 shares of the company’s stock worth $9,940,000 after acquiring an additional 6,903 shares in the last quarter. Deutsche Bank AG boosted its position in Palomar by 17.7% during the third quarter. Deutsche Bank AG now owns 13,584 shares of the company’s stock worth $689,000 after purchasing an additional 2,040 shares during the period. PNC Financial Services Group Inc. grew its holdings in Palomar by 13.4% during the third quarter. PNC Financial Services Group Inc. now owns 6,107 shares of the company’s stock valued at $310,000 after purchasing an additional 720 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Palomar in the third quarter valued at approximately $357,000. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Palomar in the third quarter worth $273,000. 90.25% of the stock is currently owned by institutional investors.

Palomar Company Profile

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.