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

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have earned an average recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $162.75.

PLMR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Palomar from $150.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods lifted their price objective on Palomar from $166.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Evercore set a $152.00 price objective on Palomar in a research report on Friday, July 10th. Piper Sandler boosted their price objective on Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings upgraded Palomar from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 24th.

Insider Buying and Selling at Palomar

In other Palomar news, COO Rodolphe Herve sold 1,207 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $135.35, for a total transaction of $163,367.45. Following the sale, the chief operating officer owned 3,548 shares of the company’s stock, valued at $480,221.80. This represents a 25.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO T. Christopher Uchida sold 791 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $127.74, for a total transaction of $101,042.34. Following the completion of the sale, the chief financial officer directly owned 16,238 shares of the company’s stock, valued at approximately $2,074,242.12. This represents a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,322 shares of company stock worth $2,198,116 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Palomar during the 2nd quarter worth about $556,348,000. Jupiter Topco LLC acquired a new position in Palomar during the 2nd quarter valued at about $132,166,000. Janus Henderson Group PLC grew its position in shares of Palomar by 17.4% during the 1st quarter. Janus Henderson Group PLC now owns 933,993 shares of the company’s stock worth $111,664,000 after buying an additional 138,368 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Palomar by 13.8% during the 4th quarter. Westfield Capital Management Co. LP now owns 840,226 shares of the company’s stock worth $113,229,000 after buying an additional 101,698 shares during the period. Finally, Stephens Investment Management Group LLC grew its position in shares of Palomar by 3.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 714,914 shares of the company’s stock worth $85,432,000 after buying an additional 20,597 shares during the period. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Stock Up 0.4%

Shares of NASDAQ:PLMR opened at $126.49 on Friday. Palomar has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.50. The company’s fifty day moving average is $132.20 and its 200-day moving average is $125.32. The company has a market capitalization of $3.33 billion, a PE ratio of 17.00 and a beta of 0.35.

Palomar (NASDAQ:PLMR) last announced its earnings results on Tuesday, August 4th. The company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The business had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. During the same quarter last year, the company posted $1.76 EPS. Equities research analysts predict that Palomar will post 9.31 earnings per share for the current fiscal year.

Palomar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Palomar’s payout ratio is currently 24.19%.

Palomar Company Profile

Palomar Holdings, Inc is a specialty insurance company that provides property and casualty insurance products for risks that may be underserved by standard insurance carriers. The company focuses on markets where specialized underwriting expertise is important, including catastrophe-exposed property and other complex commercial and personal insurance risks.

Its offerings include commercial and residential property coverage, casualty insurance, specialty programs, and other products designed for areas such as earthquake, wind, flood, and other natural catastrophe exposures.