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

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

A number of brokerages have weighed in on PLMR. 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. Keefe, Bruyette & Woods lifted their price target on shares of Palomar from $120.00 to $136.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Piper Sandler lifted their price target on shares of Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Jefferies Financial Group upped their target price on shares of Palomar from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th.

Insiders Place Their Bets

In related news, insider Angela L. Grant sold 394 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.34, for a total value of $42,685.96. Following the completion of the transaction, the insider now directly owns 4,485 shares of the company’s stock, valued at approximately $485,904.90. This trade represents a 8.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jon Christianson sold 371 shares of the stock in a transaction that occurred on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total transaction of $37,726.99. Following the completion of the sale, the president now owns 55,771 shares in the company, valued at $5,671,352.99. This represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,974 shares of company stock valued at $4,033,026. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several institutional investors and hedge funds have recently bought and sold shares of PLMR. State Street Corp raised its position in Palomar by 3.0% in the 3rd quarter. State Street Corp now owns 1,097,702 shares of the company’s stock worth $103,919,000 after purchasing an additional 32,151 shares during the period. Geode Capital Management LLC boosted its stake in shares of Palomar by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 600,092 shares of the company’s stock valued at $56,822,000 after purchasing an additional 18,335 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Palomar by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 128,165 shares of the company’s stock valued at $12,133,000 after purchasing an additional 11,140 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Palomar by 58.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after purchasing an additional 12,147 shares in the last quarter. Finally, HighTower Advisors LLC bought a new stake in shares of Palomar during the 3rd quarter valued at about $1,711,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Palomar Stock Up 0.4 %

Palomar stock opened at $107.87 on Monday. Palomar has a twelve month low of $57.55 and a twelve month high of $112.90. The company’s 50-day moving average price is $106.93 and its two-hundred day moving average price is $99.45. The stock has a market cap of $2.86 billion, a P/E ratio of 25.62 and a beta of 0.38.

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

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.