Analysts Set Palomar Holdings, Inc. (NASDAQ:PLMR) Price Target at $158.14

Shares of Palomar Holdings, Inc. (NASDAQ:PLMR) have been assigned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $162.1667.

A number of brokerages recently commented on PLMR. Keefe, Bruyette & Woods increased their price target on Palomar from $170.00 to $171.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. boosted their price objective on Palomar from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Weiss Ratings raised Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 14th. Evercore initiated coverage on Palomar in a research note on Monday, February 9th. They set an “outperform” rating and a $150.00 target price on the stock. Finally, Wall Street Zen lowered shares of Palomar from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th.

Palomar Price Performance

Shares of PLMR stock opened at $129.99 on Friday. The firm has a 50-day moving average of $129.31 and a 200-day moving average of $123.14. Palomar has a one year low of $107.75 and a one year high of $175.85. The company has a market cap of $3.44 billion, a P/E ratio of 18.10 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $492.63 million during the quarter, compared to the consensus estimate of $204.58 million. During the same period in the prior year, the firm posted $1.52 EPS. The firm’s quarterly revenue was up 62.7% compared to the same quarter last year. As a group, research analysts expect that Palomar will post 5.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Mac Armstrong sold 11,484 shares of Palomar stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92. Following the sale, the chief executive officer owned 91,737 shares of the company’s stock, valued at approximately $10,997,431.56. The trade was a 11.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO T Christopher Uchida sold 2,103 shares of the firm’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $119.88, for a total value of $252,107.64. Following the completion of the sale, the chief financial officer directly owned 11,473 shares of the company’s stock, valued at $1,375,383.24. This represents a 15.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 62,413 shares of company stock valued at $7,664,458 over the last three months. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Palomar

Institutional investors have recently added to or reduced their stakes in the business. Freestone Grove Partners LP increased its stake in shares of Palomar by 6.8% in the fourth quarter. Freestone Grove Partners LP now owns 240,887 shares of the company’s stock worth $32,462,000 after purchasing an additional 15,370 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Palomar by 61.4% in the 4th quarter. AQR Capital Management LLC now owns 28,027 shares of the company’s stock worth $3,777,000 after buying an additional 10,664 shares during the period. Jain Global LLC purchased a new position in Palomar in the 4th quarter valued at approximately $239,000. Jump Financial LLC bought a new stake in Palomar during the 4th quarter valued at $201,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Palomar during the fourth quarter worth $731,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.