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

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average rating of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $115.50.

A number of research firms recently commented on PLMR. Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price objective 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. Piper Sandler raised their target price on shares of Palomar from $119.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods boosted their price target on Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a report on Friday, December 6th.

Palomar Price Performance

Shares of NASDAQ PLMR opened at $105.87 on Thursday. The firm’s 50-day moving average is $104.42 and its two-hundred day moving average is $96.54. The company has a market capitalization of $2.80 billion, a PE ratio of 25.15 and a beta of 0.38. Palomar has a 12-month low of $54.81 and a 12-month high of $112.90.

Palomar (NASDAQ:PLMR) last posted its earnings results on Monday, November 4th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.20. The firm had revenue of $148.50 million for the quarter, compared to analyst estimates of $134.72 million. Palomar had a return on equity of 19.65% and a net margin of 21.55%. During the same quarter in the prior year, the company earned $0.80 EPS. On average, analysts forecast that Palomar will post 4.33 EPS for the current fiscal year.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $96.28, for a total transaction of $673,960.00. Following the completion of the sale, the chief executive officer now directly owns 433,388 shares in the company, valued at $41,726,596.64. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO T Christopher Uchida sold 1,030 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $97.65, for a total transaction of $100,579.50. Following the completion of the transaction, the chief financial officer now directly owns 17,543 shares in the company, valued at approximately $1,713,073.95. This represents a 5.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,909 shares of company stock worth $3,242,655 in the last quarter. 4.30% of the stock is owned by insiders.

Institutional Trading of Palomar

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of Palomar by 1,634.6% in the second quarter. Victory Capital Management Inc. now owns 177,678 shares of the company’s stock worth $14,419,000 after buying an additional 167,435 shares during the period. Point72 Asset Management L.P. purchased a new position in Palomar in the 3rd quarter worth approximately $10,994,000. Soros Fund Management LLC acquired a new stake in Palomar in the third quarter valued at approximately $9,467,000. Westfield Capital Management Co. LP raised its stake in shares of Palomar by 24.5% during the third quarter. Westfield Capital Management Co. LP now owns 394,408 shares of the company’s stock valued at $37,339,000 after purchasing an additional 77,552 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Palomar by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 508,870 shares of the company’s stock worth $41,295,000 after purchasing an additional 66,478 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

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.