Palomar Holdings, Inc. (NASDAQ:PLMR) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $111.67.

PLMR has been the subject of several research reports. Jefferies Financial Group lifted their price objective on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their target price on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Piper Sandler boosted their price target on Palomar from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th.

Palomar Stock Performance

Shares of Palomar stock opened at $109.67 on Friday. The company has a fifty day moving average of $100.92 and a 200 day moving average of $93.72. The company has a market capitalization of $2.90 billion, a P/E ratio of 26.05 and a beta of 0.36. Palomar has a fifty-two week low of $54.50 and a fifty-two week high of $112.10.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.03 by $0.20. The business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $134.72 million. Palomar had a net margin of 21.55% and a return on equity of 19.65%. During the same quarter in the previous year, the company earned $0.80 EPS. Analysts forecast that Palomar will post 4.33 EPS for the current year.

Insider Activity at Palomar

In related news, President Jon Christianson sold 3,805 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $103.04, for a total transaction of $392,067.20. Following the sale, the president now owns 51,926 shares in the company, valued at approximately $5,350,455.04. This trade represents a 6.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mac Armstrong sold 7,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.49, for a total value of $668,430.00. Following the completion of the transaction, the chief executive officer now directly owns 440,388 shares of the company’s stock, valued at $42,052,650.12. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,326 shares of company stock valued at $2,688,779 in the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in shares of Palomar by 48.6% during the third quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Palomar by 2.4% in the second quarter. Arizona State Retirement System now owns 6,961 shares of the company’s stock valued at $565,000 after buying an additional 164 shares in the last quarter. Covestor Ltd increased its stake in Palomar by 20.2% during the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock worth $102,000 after purchasing an additional 181 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Palomar by 1.6% during the 3rd quarter. Louisiana State Employees Retirement System now owns 12,700 shares of the company’s stock worth $1,202,000 after buying an additional 200 shares in the last quarter. Finally, CWM LLC raised its stake in shares of Palomar by 15.7% in the second quarter. CWM LLC now owns 1,601 shares of the company’s stock valued at $130,000 after acquiring an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

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.