Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $93.83

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned a consensus rating of “Moderate Buy” from the seven analysts 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 updated their coverage on the stock in the last year is $93.83.

PLMR has been the topic of several analyst reports. Truist Financial upped their price target on Palomar from $97.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. JMP Securities reiterated a “market perform” rating on shares of Palomar in a research report on Monday, April 15th. Evercore ISI upped their price target on Palomar from $88.00 to $89.00 and gave the company an “in-line” rating in a research report on Wednesday, May 29th. Piper Sandler reiterated an “overweight” rating and set a $99.00 price target (up from $90.00) on shares of Palomar in a research report on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on Palomar from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Wednesday, May 29th.

Palomar Stock Performance

Shares of PLMR opened at $90.22 on Thursday. The business has a 50-day moving average of $83.68 and a 200 day moving average of $76.74. Palomar has a fifty-two week low of $48.08 and a fifty-two week high of $93.51. The firm has a market cap of $2.25 billion, a P/E ratio of 25.93 and a beta of 0.31.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.28. Palomar had a return on equity of 19.94% and a net margin of 21.78%. The firm had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $322.10 million. During the same period in the prior year, the business posted $0.80 earnings per share. The company’s revenue was up 29.1% on a year-over-year basis. As a group, research analysts predict that Palomar will post 4.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Thomas A. Bradley bought 1,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was acquired at an average price of $84.32 per share, with a total value of $84,320.00. Following the completion of the purchase, the director now directly owns 2,500 shares in the company, valued at $210,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Palomar news, CFO T Christopher Uchida sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $89.00, for a total value of $111,250.00. Following the completion of the sale, the chief financial officer now owns 24,094 shares of the company’s stock, valued at $2,144,366. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas A. Bradley bought 1,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was purchased at an average cost of $84.32 per share, with a total value of $84,320.00. Following the purchase, the director now owns 2,500 shares of the company’s stock, valued at $210,800. The disclosure for this purchase can be found here. Insiders sold a total of 47,250 shares of company stock valued at $4,080,716 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Palomar

Institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in shares of Palomar during the first quarter valued at approximately $602,000. Dimensional Fund Advisors LP boosted its stake in shares of Palomar by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 421,746 shares of the company’s stock valued at $23,407,000 after purchasing an additional 52,659 shares during the period. Dynamic Technology Lab Private Ltd boosted its stake in shares of Palomar by 174.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,117 shares of the company’s stock valued at $1,061,000 after purchasing an additional 12,157 shares during the period. Picton Mahoney Asset Management boosted its stake in shares of Palomar by 1,940.6% during the first quarter. Picton Mahoney Asset Management now owns 39,690 shares of the company’s stock valued at $3,329,000 after purchasing an additional 37,745 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake in shares of Palomar by 6.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 460,545 shares of the company’s stock valued at $25,560,000 after purchasing an additional 27,199 shares during the period. 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.