Palomar Holdings, Inc. (NASDAQ:PLMR) Receives Average Recommendation of “Moderate Buy” from 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 stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $127.83.

A number of analysts have weighed in on PLMR shares. JMP Securities restated a “market perform” rating on shares of Palomar in a research note on Thursday, February 13th. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial raised their target price on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Piper Sandler lifted their target price on shares of Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th.

Palomar Trading Up 4.4 %

Shares of NASDAQ PLMR opened at $134.99 on Tuesday. Palomar has a 12 month low of $74.09 and a 12 month high of $136.90. The firm has a fifty day simple moving average of $118.71 and a two-hundred day simple moving average of $107.05. The firm has a market capitalization of $3.60 billion, a PE ratio of 30.13 and a beta of 0.33.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, sell-side analysts predict that Palomar will post 5.99 earnings per share for the current year.

Insider Activity

In other news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $129.72, for a total value of $648,600.00. Following the completion of the transaction, the chief executive officer now owns 402,388 shares in the company, valued at approximately $52,197,771.36. The trade was a 1.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO T Christopher Uchida sold 552 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $123.26, for a total transaction of $68,039.52. Following the transaction, the chief financial officer now owns 15,683 shares in the company, valued at $1,933,086.58. This trade represents a 3.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,455 shares of company stock worth $3,911,340. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Palomar

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. bought a new stake in Palomar during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC grew its holdings in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock worth $43,000 after purchasing an additional 349 shares during the last quarter. Jones Financial Companies Lllp increased its position in Palomar by 63.2% during the 4th quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after buying an additional 191 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Palomar by 21.8% in the 4th quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock valued at $58,000 after purchasing an additional 99 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Palomar by 44.9% during the fourth quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after buying an additional 324 shares during the period. 90.25% of the stock is owned by hedge funds and other 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.