Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $127.83 Average PT from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $127.83.

A number of brokerages recently issued reports on PLMR. Truist Financial raised their price target on Palomar from $112.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. JMP Securities restated a “market perform” rating on shares of Palomar in a report 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 report on Friday, March 21st. Finally, Piper Sandler raised their price objective on shares of Palomar from $133.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th.

Insiders Place Their Bets

In related news, CEO Mac Armstrong sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were 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 of the company’s stock, valued at $52,197,771.36. The trade was a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO T Christopher Uchida sold 394 shares of the business’s stock in a transaction on Sunday, January 26th. The stock was sold at an average price of $101.69, for a total value of $40,065.86. Following the completion of the transaction, the chief financial officer now directly owns 16,943 shares of the company’s stock, valued at approximately $1,722,933.67. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,455 shares of company stock worth $3,911,340 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Palomar

Several hedge funds have recently modified their holdings of PLMR. Natixis Advisors LLC acquired a new position in Palomar during the 3rd quarter valued at about $1,007,000. Thrivent Financial for Lutherans raised its position in Palomar by 58.7% during the third quarter. Thrivent Financial for Lutherans now owns 32,837 shares of the company’s stock valued at $3,109,000 after acquiring an additional 12,147 shares in the last quarter. Quest Partners LLC lifted its stake in shares of Palomar by 1,122.5% in the 3rd quarter. Quest Partners LLC now owns 4,181 shares of the company’s stock valued at $396,000 after purchasing an additional 3,839 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Palomar during the third quarter worth $371,000. Finally, Intech Investment Management LLC grew its position in Palomar by 109.0% during the third quarter. Intech Investment Management LLC now owns 9,040 shares of the company’s stock valued at $856,000 after buying an additional 4,714 shares during the period. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Stock Up 0.1 %

Shares of NASDAQ:PLMR opened at $136.77 on Tuesday. The firm has a fifty day simple moving average of $120.94 and a two-hundred day simple moving average of $108.12. The stock has a market capitalization of $3.65 billion, a P/E ratio of 30.53 and a beta of 0.33. Palomar has a 52 week low of $74.09 and a 52 week high of $138.69.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, topping 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, analysts expect that Palomar will post 5.99 earnings per share for the current 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.