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

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat Ratings 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 analysts that have issued a report on the stock in the last year is $89.17.

A number of brokerages recently commented on PLMR. Jefferies Financial Group upgraded Palomar from a “hold” rating to a “buy” rating and upped their target price for the company from $78.00 to $88.00 in a research report on Thursday, March 14th. Keefe, Bruyette & Woods boosted their price objective on Palomar from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Piper Sandler raised their target price on Palomar from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial boosted their price target on Palomar from $88.00 to $97.00 and gave the company a “buy” rating in a report on Monday. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Palomar in a research note on Monday, April 15th.

Insider Activity at Palomar

In related news, Director Thomas A. Bradley acquired 1,500 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average cost of $74.30 per share, with a total value of $111,450.00. Following the completion of the acquisition, the director now directly owns 1,500 shares in the company, valued at approximately $111,450. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Thomas A. Bradley acquired 1,500 shares of Palomar stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $74.30 per share, with a total value of $111,450.00. Following the purchase, the director now owns 1,500 shares in the company, valued at $111,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas A. Bradley bought 1,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were acquired at an average cost of $84.32 per share, for a total transaction of $84,320.00. Following the purchase, the director now owns 2,500 shares in the company, valued at $210,800. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 42,250 shares of company stock valued at $3,305,655. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PLMR. Signaturefd LLC grew its position in shares of Palomar by 59.4% in the fourth quarter. Signaturefd LLC now owns 593 shares of the company’s stock valued at $33,000 after purchasing an additional 221 shares in the last quarter. Atwood & Palmer Inc. grew its holdings in Palomar by 66.7% in the 1st quarter. Atwood & Palmer Inc. now owns 750 shares of the company’s stock valued at $63,000 after buying an additional 300 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Palomar in the 1st quarter worth $122,000. Picton Mahoney Asset Management purchased a new position in shares of Palomar during the 4th quarter worth $108,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Palomar during the 1st quarter valued at about $235,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Price Performance

Palomar stock opened at $84.76 on Friday. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 24.36 and a beta of 0.24. The business has a fifty day moving average price of $79.43 and a 200-day moving average price of $66.89. Palomar has a 1-year low of $46.09 and a 1-year high of $86.25.

Palomar (NASDAQ:PLMR) last released its earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.28. Palomar had a net margin of 21.78% and a return on equity of 19.94%. The company had revenue of $108.39 million for the quarter, compared to the consensus estimate of $322.10 million. During the same quarter in the previous year, the firm earned $0.80 EPS. Palomar’s revenue was up 29.1% compared to the same quarter last year. On average, equities research analysts anticipate that Palomar will post 3.84 earnings per share for the current fiscal year.

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.