Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $115.50 Consensus Target Price from Analysts

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

PLMR has been the subject of a number of recent research reports. Jefferies Financial Group lifted their price objective on Palomar from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler boosted their price target on Palomar from $119.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods upped their price objective on Palomar from $120.00 to $136.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Palomar from $93.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 7th.

Insider Activity

In other news, CFO T Christopher Uchida sold 1,111 shares of Palomar stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $104.00, for a total value of $115,544.00. Following the sale, the chief financial officer now directly owns 16,432 shares of the company’s stock, valued at $1,708,928. The trade was a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mac Armstrong sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $96.28, for a total value of $673,960.00. Following the sale, the chief executive officer now owns 433,388 shares of the company’s stock, valued at $41,726,596.64. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,694 shares of company stock worth $2,632,377 in the last quarter. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Palomar

A number of large investors have recently modified their holdings of PLMR. Whittier Trust Co. of Nevada Inc. acquired a new position in Palomar during the third quarter worth about $25,000. GAMMA Investing LLC lifted its stake in Palomar by 48.6% in the 3rd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Palomar by 490.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 455 shares of the company’s stock worth $43,000 after purchasing an additional 378 shares during the last quarter. Covestor Ltd grew its position in shares of Palomar by 20.2% in the third quarter. Covestor Ltd now owns 1,076 shares of the company’s stock valued at $102,000 after purchasing an additional 181 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Palomar by 152.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,779 shares of the company’s stock valued at $143,000 after purchasing an additional 1,073 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 0.3 %

Shares of NASDAQ:PLMR opened at $101.85 on Thursday. The business has a 50-day moving average price of $105.53 and a 200-day moving average price of $97.22. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 24.19 and a beta of 0.38. Palomar has a 52-week low of $57.55 and a 52-week high of $112.90.

Palomar (NASDAQ:PLMR) last released its quarterly earnings data on Monday, November 4th. The company reported $1.23 EPS for the quarter, beating 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 the consensus estimate of $134.72 million. During the same period in the prior year, the firm earned $0.80 EPS. As a group, equities analysts anticipate that Palomar will post 4.33 EPS 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.